Andheri investment firm director booked for duping 92 of Rs 3.76 cr

“Raipure would induce people into investing money in his company by offering 1.5% interest every day,” states the FIR. And to gain the trust of investors, he would initially pay regular interest to investors, and would later start defaulting, an officer said.

The complainant also deposited money with Raipure’s firm, but after October 2022, Raipure failed to pay him any interest. Patel and other investors followed up on the matter with Raipure, who bought time by repeatedly promising he would return investors money, but failed to fulfil his promises.

Like Patel, who lost Rs 6 lakh to the alleged fraud, 91 other investors deposited money with Raipure’s firm and totally lost Rs 3.76 crore between April 2022 and date, states the police complaint.

After investors observed that the accused had no intention of returning the money, they approached the EOW. After preliminary inquiry, an FIR was filed on Sunday at the Andheri police station against Raipure under sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), and 420 (cheating) of the Indian Penal Code and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors in Financial Establishment Act (MPID). The case was then transferred to the MPID unit of EOW for further investigation, said an officer from the Andheri police station.