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Jewellers booked for cheating investors of Rs 1.05 crore: cops

The owners of a jewellery shop on Laxmi Road have been booked for allegedly cheating several people to the tune of Rs 1.05 crore by luring them through an investment scheme.

By: Express News Service | Pune |
Updated: March 13, 2021 5:07:42 am
Jewellers bookedBut after investing, the complainant did not receive the assured returns, police said. According to the FIR, the complainant was cheated of Rs 37,80,000, her relatives of Rs 25,00,000 and other persons of Rs 43,00,000, police said.

The owners of a jewellery shop on Laxmi Road have been booked for allegedly cheating several people to the tune of Rs 1.05 crore by luring them through an investment scheme.

A 59-year-old woman, Shubhangi Kute, lodged the complaint in this case at Kothrud police station. Based on her complaint, Milind Marathe, Kaustubh Marathe, Manjiri Marathe, Neena Marathe and others have been booked under sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant or agent), 420 (cheating and dishonestly inducing delivery of property) and 34 (acts done by several persons in furtherance of common intention) of the IPC and sections of the Maharashtra Protection of Interest of Depositors Act. According to police, the jewellers had persuaded the complainant and her relatives, among other people, in 2017 to invest money in a scheme, promising good returns.

But after investing, the complainant did not receive the assured returns, police said. According to the FIR, the complainant was cheated of Rs 37,80,000, her relatives of Rs 25,00,000 and other persons of Rs 43,00,000, police said. The accused cheated people to the tune of Rs 1,05,80,000 between January 2017 and January 2021, police said.

In December last year, Milind Marathe had allegedly shot himself with a gun at his jewellery shop. He was rushed to a hospital but died while undergoing treatment on December 27. Police suspect that he took the extreme step due to financial problems.

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