Pune : A Bibvewadi-based share trading company is under investigation by the Pune police’s Economics Offences Wing (EOW) for allegedly defrauding seven investors out of Rs 5.12 crore between February and October of this year on the promise of large monthly returns on investments.
A retired manager who was one of the victims reported the incident to the police on Wednesday. The complaint claims that five firm representatives took money from the investors, each of whom paid between Rs 25 lakh and Rs 75 lakh, on the promise of 10–14% monthly returns on investment.
The remaining sum was invested by his friends and family, with the victim contributing Rs 2.20 crore.
Up until April of this year, the company paid the promised returns; after that, the payments ceased. When the victims contacted the officials for the returns, the officials responded in an evasive manner.
According to an EOW official conducting the investigation, the victim learned about the company’s share investment schemes through a friend. He made the decision to invest after visiting the firm’s office and speaking with the staff about different investment plans. By guaranteeing monthly returns on the investments, company representatives were able to gain the trust of the investors. The victim invested by transferring the funds to the bank accounts that the officials had given them. Along with discussing the schemes with his friends and family, he made financial investments in the firm’s schemes.
According to a police official, they are constantly keeping track of instances of dishonesty involving people posing as share brokers or running share trading companies. Thus far, they have received more than ten of these complaints.
The police officer suggested prudent financial planning to prevent these kinds of situations. Before giving money to scammers, people should do their research.