Three held for duping investors

According to police,the More couple founded the company in Kopargaon 10 years ago,attracting hundreds of investors from Marathwada and other parts of the state. But around a year ago,the directors fled the town,leaving investors in a lurch. They opened an office at Siddharth Towers in Kothrud a few years ago. “They used to ask people to invest Rs 1 lakh with the promise of paying Rs 3,000 per month till their money is with the firm. The company had no licence from SEBI or other regulatory authorities to start this kind of business,” said Assistant Police Inspector S B Dhamdhere.

According to his complaint,Powar had invested Rs 17 lakh till June 2010 and again invested Rs 6.79 lakh in July this year. However,he was not paid the promised amount and,therefore,he lodged a police complaint on August 7. The trio was arrested under section 406 (criminal breach of trust),420 (cheating) and 34 (common intention) of Indian Penal Code.

Police are investigating possible involvement of other persons and the total number of people duped in similar manner. A magistrate court remanded the accused in police custody till August 13. Police have urged people duped by the firm to contact EOW on 020 – 26208377.