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Thane police make 3rd arrest in Rs 91 crore investment fraud
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....hane police make 3rd arrest in Rs 91 crore investment fraud<BR>PTI News<BR>Dated:- 5-6-2025<BR>PTI<BR>Thane, Jun 5 (PTI) The Thane police have arrested one more person in connection with a Ponzi scheme under which more than 100 persons have been allegedly duped of Rs 91 crore, a senior official said on Thursday. With the latest arrest on Wednesday, three persons have so far been taken into custod....
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....y by the police's Economic Offences Wing in connection with the fraud, Deputy Commissioner of Police (EOW) Parag Manere said in a release. The police have also issued look out notices against four other accused and efforts were on to trace all the culprits, he said. The scheme, allegedly floated by a company claiming to develop applications for Google, lured investors between 2020 and 2024 with....
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.... false promises of substantial returns from advertisements, the police said. "Under the scheme, 124 investors have been cheated to the tune of Rs 91.63 crore. The count is still on," the official said. So far, nine accused have been identified and named in the FIR registered with the Vartak Nagar police station here under Indian Penal Code sections 406 (criminal breach of trust), 409 (criminal ....
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....breach of trust by public servant, or by banker, merchant or agent), 420 (cheating) and 34 (common intention), and the Maharashtra Protection of Interest of Depositors (MPID) Act, he said. The police on Wednesday arrested Parag Ashokkumar Shah (47) from Narayangaon in Pune. He was later presented before a local magistrate in Thane and remanded in police custody till June 11, the official said. ....
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....The police earlier arrested Rajesh Khedabai Pambar alias Rajubhai in March and Pravinkumar Mansukhbai Vor, both hailing from Gujarat, in April this year in connection with the fraud, he said. PTI COR GK<BR> News - Press release - PIB....