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This is an archive article published on July 27, 2024
Investment fraud: Father-son duo booked for duping 30 people of Rs 2.7 crore
Police have booked Siddhesh and his father, Suryakant, under sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act and 409, 420, and 34 of the Indian Penal Code.
Accused Sidhhesh Mohire, who is wanted by the Mumbai police.
The Bhandup police Thursday booked a father and son, directors of two investment firms, for allegedly duping 30 people to the tune of Rs 2.70 crore.
According to police, the accused induced investors to put money in the stock market through their investment firms, offering a monthly profit of 6–8 per cent. The accused later failed to return the promised profit and the principal amount and cheated the investors, police said.
Sidhhesh Mohire, the director of Dhanyash Investment Company, and his father, Suryakant Mohire, director of Dhansampatti Enterprises, were booked on the complaint filed by a 33-year-old gym trainer from Bhatwadi, Ghatkopar (West).
According to the complainant, he met Siddhesh at the gym where he worked as a trainer in 2022.
One day, Siddhesh told the complainant that his firm helps investors earn good money from the share market. When the complainant visited his office in November 2022, Siddhesh introduced him to his father, Suryakant Mohire.
Siddhesh and his father promised the complainant a monthly 6 per cent return on the investment made.
As the complainant has heard locals praising Siddhesh for helping them make a good profit on investment, he decided to invest money in Siddhesh’s companies, states the FIR.
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In November 2022, the complainant invested Rs 6 lakh, and in December 2022, he received Rs 36,000 in interest, as promised by Siddhesh.
After this, Siddhesh encouraged the complainant to make bigger investments to earn more.
According to the complainant, he invested Rs 15.76 lakh in Siddhesh’s companies and, till December 2023, got Rs 5.62 lakh in interest.
But, after this, the payment of interest suddenly stopped.
When the complainant asked Siddhesh about it, they gave vague answers. Later, the complainant discovered that, Siddhesh and his father had stopped paying interest to other investors as well. The duo also stopped taking investors’ calls.
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In March 2024, Siddhesh and his family closed down their house and office in Ghatkopar and shifted to Bhandup. “The accused father-son duo allegedly offered monthly interest (on investments) ranging from 4–8% to different investors. As many as 30 people invested Rs 3.83 crore and in return received Rs 1.13 crore only,” the complainant claimed.
“Only 30 victims have approached the police so far. There 300 more investors from my group who were cheated similarly. The accused and their family have escaped from the region,” the complainant alleged.
Police have booked Siddhesh and his father, Suryakant, under sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act and 409, 420, and 34 of the Indian Penal Code.
The police are trying to locate the accused persons, said a police officer.
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