Thane cops start probe against investment firm flagged by NSE

The FIR for alleged cheating, criminal breach of trust and other offences was registered against Sri Mahakali Group of Companies at Shree Nagar police station here, police said on Thursday.No person has been arrested in the case yet.The firm allegedly promised high returns through investments in, among other things, cyrpto currencies, but failed to generate returns or even repay the principal to its investors, said an official.

Thane police has registered a First Information Report (FIR) for alleged cheating against an investment firm here. The FIR for alleged cheating, criminal breach of trust and other offences was registered against Sri Mahakali Group of Companies at Shree Nagar police station here, police said on Thursday.

No person has been arrested in the case yet.

The firm allegedly promised high returns through investments in, among other things, cyrpto currencies, but failed to generate returns or even repay the principal to its investors, said an official. The FIR quoted an NSE circular of September 2021 which said that ''an entity named SM Trade/Shree Mahakali Trade...is collecting funds from General public through various assured/guaranteed return schemes/in stock market'' and ''investors are advised not to subscribe to any assured/guaranteed return scheme/s offered by aforesaid entity in stock market as the same is prohibited by law.'' After the NSE circular, some investors approached police, the official said, adding that probe was underway.