Mumbai: Promised high returns, investors cheated of Rs 10 crore by 2 men

According to an officer, the case came to light after the complainant in the case, Raees Ansari (30), a Colaba-based businessman, approached the EOW, alleging that he had been cheated by two persons who claimed to be directors of Prime India Corporation.
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In 2014, the accused told him that if he had invested money with them, he would get a return of 17 per cent. According to the police, between July and November 2014, they made Ansari invest Rs 1 lakh and promised that he will get a return of Rs 1.5 lakh.

“Like the complainant, there are several others who had been promised similar high rates of return on the basis of which the accused persons collected over Rs 1 crore,” an officer said.

After the EOW conducted a probe into the allegations, it found that the accused persons had indeed duped investors of Rs 10.31 crore.