Retired Officer's Trust Emptied in Rs 1.44 Crore Fraud

A retired police officer and a doctor from Thane lost Rs 1.44 crore in a fraudulent investment scheme. The accused, based in Pune and Goa, promised high returns but eventually ceased payouts. A police investigation is underway to unravel the money trail and identify additional victims.

A retired police officer and his doctor friend from Thane have fallen victim to a financial fraud totaling Rs 1.44 crore. The scheme, promising high returns, was orchestrated by residents of Pune and Goa, according to police officials.

The victims, trusting the perpetrators, invested in companies allegedly engaged in stock trading. Initially, small returns were paid to lure them further into the scam. However, payments stopped, and demands for refunds were ignored, leading the victims to seek police assistance.

The Khadakpada police have begun a thorough investigation, analyzing bank records and investment documentation. The case has been registered under IPC Sections 420 and 34, along with the Maharashtra Protection of Interest of Depositors Act. No arrests have been made yet.

(With inputs from agencies.)