The Economic Offences Wing (EOW) of the Mumbai Crime Branch conducted search operations in six premises of the directors of Yash Birla-promoted Birla Power Solutions Pvt Ltd in connection to a cheating case registered on December 31 last year.
Officers said they are searching for account books and other material in connection with the case where a Worli-based businessman was not paid his fixed deposit of Rs 1 crore on maturity.
“We have summoned the directors including Yash Birla to record their statements within four days,” said Rajvardhan Sinha, additional commissioner of EOW.
Officers said they are collecting computer data and other documents like names of investors related to the case. Marine Drive police said more than 12 people approached them to complain about the “dubious” scheme. The amount involved in the case has gone up to Rs 21.66 crore, they added.
The case was later transferred to the EOW.
According to the FIR, in February 2012, the victims invested in a fixed deposit scheme in which they were promised a return of 10.75 per cent after a year. According to police over Rs 300 crore was collected under this scheme.
However, when the investors did not get either their returns or investment amount till March last year. The firm did not respond after the end of their investments’ maturity periods. Their attempts to meet the company officials also did not succeed.
Police have booked the firm under various sections of the Maharashtra Protection of Interest of Depositors Act.