3 min readMumbaiMay 21, 2023 02:51 PM IST
First published on: May 21, 2023 at 01:40 AM IST
THE ECONOMIC Offences Wing (EOW) of Mumbai Police has booked two directors of two Nagpur-based companies for allegedly duping a Mumbai-based businessman linked to a media house and others to the tune of Rs 18 crore.
The complainant businessman was induced to invest money in two profit-oriented schemes. The accused persons later misused his invested money for other investments through their companies to make personal profit.
The complainant later found out that his money was being misused, and despite repeated attempts, the accused persons failed to deliver any profit to the complainant and also did not return the principal amount, thus defrauding them.
The EOW has booked Pritish Mungmonde and Shreyash Solao, both directors of Adwitaa Iron and Steel Private Limited and Popularispat Industries Private Limited, respectively, 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 IPC. They have been booked on the complaint of a 62-year-old Worli Seaface resident who is in the media industry.
As per the police complaint, during 2021, the accused, Mungmonde and Solao, informed the complainant that they have expertise in the business of dismantling old companies and selling their scraps.
The two accused informed the complainant and a few others that they could help and guide them to earn good money through smart investment.
“The accused induced the complainant and others to invest money in Khetan Chemicals and Fertilisers and Damodar Valley Corporation projects to earn a huge profit in a short time. Since initially the accused delivered on their promise by helping an investor earn a good profit on her investment, the complainant and others trusted the accused,” states the police complaint.
The accused persons allegedly collected Rs 18.20 crore from the complainant, and two others under the pretext of investing in profitable schemes offering lucrative returns between January and December 2022, the police complaint said.
However, the accused persons invested the said money through their companies, Adwitaa Iron and Steel Private Limited and Popularispat Industries Private Limited, and earned profit, but did not share the promised profit with the complainant and others, thus causing wrongful loss to them and breaching their trust, the complainant alleged in the FIR.
The complainant has alleged that there was an agreement made between the accused and the victims and the accused person has breached the terms of the agreement and caused loss to them.
After following the matter with the accused persons to recover their money for a long time, the complainant finally approached the police, and on Friday, an FIR was first registered with the Worli police station, and later its investigation was taken over by the EOW.
EOW had initially conducted a preliminary inquiry in the matter, and after prima facie found material to lodge a cognizable offence, it registered an FIR.
The two accused informed the complainant and a few others that they could help and guide them to earn good money through smart investment. (Express Photo) 
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