Pune News: Couple Arrested From Noida For Rs 7 Crore Investment Fraud, 732 People DupedÂ
Pune News: Couple Arrested From Noida For Rs 7 Crore Investment Fraud, 732 People DupedÂ
The Pimpri Chinchwad police’s economic offences wing (EOW) has arrested a man and a woman from Noida, Uttar Pradesh, for allegedly duping 732 people of Rs 7 crore in an investment fraud scheme. The accused, Sandip Kumar (44) and Seema Mittal (36), had floated schemes offering high returns on investment with their company, promising investors handsome returns on renting out three-wheeler commercial vehicles.
“The scheme was to rent out a three-wheeler commercial vehicle and earn Rs 31,000 per month. The person needed to invest Rs 4.20 lakh with the firm, which would pay the driver’s salary and for vehicle maintenance,” said one of the investors, who did not wish to be named.
Pimpri Chinchwad Police deputy commissioner of police Sandeep Doiphode said, “The duo started their office on the premises of a mall in Wakad. They had branches in Pimpri Chinchwad, Pune, New Mumbai, and Ahmednagar.”
The victims were lured into investing in the scheme with promises of high returns and additional benefits like gold and silver coins. “The company showed me one three-wheeler vehicle and told me that it was mine,” said the investor. “They immediately completed loan formalities and obtained a loan of Rs 3.66 lakh in my name.”
However, the company shut down its offices and fled with the investors’ money, leaving them with significant financial losses. “In Nov last year, I received only Rs 12,000 instead of Rs 31,000. When I contacted the company officials, I was told that the policy of the company had changed,” said the investor.
Police informed that the suspects had earlier shut their offices and fled from Maharashtra. “We have arrested the duo from Noida recently. They are currently in police custody,” Doiphode stated.
The officer added that the duo has duped 732 people from different cities and the fraud amount is worth about Rs 7 crore in total, the probe so far has revealed. “The suspects had kept the investors’ three-wheeler vehicles in a godown in Thergaon. So far, 37 vehicles have been returned to the investors with the court’s permission. The process is on to return 24 more vehicles to the investors,” said Sandeep Doiphode.
