Thane: Trimurti Ratna Jewell’s director held for ‘cheating investors of Rs 4.5 crore’https://indianexpress.com/article/cities/mumbai/thane-trimurti-ratna-jewells-director-held-for-cheating-investors-of-rs-4-5-crore-5803881/

Thane: Trimurti Ratna Jewell’s director held for ‘cheating investors of Rs 4.5 crore’

The accused, Santosh Shelar, had allegedly started a scheme three years ago before shutting shop midway and vanishing with the money, the police said.

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According to senior inspector Chandrakant Jadhaw, Shelar was taken into custody on Thursday evening and a case was registered against him for cheating more than 3,000 people. (Representational Image)

The Naupada police have arrested the director of Trimurti Ratna Jewell’s in Thane for allegedly cheating investors to the tune of Rs 4.5 crore. The accused, Santosh Shelar, had allegedly started a scheme three years ago before shutting shop midway and vanishing with the money, the police said.

According to senior inspector Chandrakant Jadhaw, Shelar was taken into custody on Thursday evening and a case was registered against him for cheating more than 3,000 people. “Shelar had set up a shop in Naupada in 2016. He allegedly started a scheme where people could pay Rs 1,000 every month for 15 months and then either take their money back or buy gold jewellery from the shop,” Jadhaw said.

However, Shelar allegedly shut shop after 15 months and disappeared, the complainants told the police. “Most investors were middle-class people, domestic helps and small businessmen who wanted to purchase jewellery for family and as savings. We expect more complainants to come forward,” the officer said. “Shelar claimed he shut shop after facing losses and was going to return the money of the investors. However, he has been booked for cheating among other charges. We are investigating further,” Jadhaw said.