Pune: The Pimpri Chinchwad police's economic offences wing (EOW) has arrested a man and a woman from Noida in Uttar Pradesh on charges of duping 732 investors of a total of Rs7 crore in an investment fraud . The affected investors hail from various locations across Maharashtra, including Pune, New Mumbai, and Ahmednagar. Senior inspector Vanita Dhumal of the Pimpri Chinchwad EOW told TOI that last year, the two accused — Sandip Kumar (44) and Seema Mittal (36) — had floated different schemes offering high returns on investment with their company.
Then then folded the venture after collecting the money. The officer informed that the duo started their office on the premises of a mall in Wakad. They had branches in Pimpri Chinchwad, Pune, New Mumbai, and Ahmednagar.
"A 49-year-old resident of Ravet, who lost his money on Dec 1 last year, lodged a complaint against the duo with the Wakad police," Dhumal said. When contacted, one of the investors, who did not wish to be named, told TOI that he first noticed the firm's advertisement on a social media platform. "The scheme was to rent a three-wheeler commercial vehicle and earn Rs31,000 per month.
The person needed to invest Rs4.20 lakh with the firm, which would pay the driver's salary and for vehicle maintenance," he said. The victim added that in June last year, he had gone to the firm's office, where he was told by an employee that the firm had contacts with different e-commerce companies.
These companies would take each investor's vehicles on a contract basis and pay Rs31,000 per month. This rent-a-vehicle plan worth Rs 4.20 lakh came with varied down-payment options.
"The employee also told me about an investment plan in which people were promised Rs25,000 per month on their investment worth Rs1.11 lakh with the company," he said. The man added that the company further lured investors by offering a gold coin on down-payment of Rs4.
20 lakh and a silver coin for down-payment of Rs1.21 lakh. "The investors were also promised a bonus of Rs10,000 if they brought in another investor for the company.
They further appointed salespersons, who were promised Rs5,000 per investor they brought in," he said. According to the victim, he paid the company Rs21,000 in June last year. The company immediately completed loan formalities and obtained a loan of Rs3.
66 lakh in his name. Thereafter, the man paid Rs90,000 more to them. "The company showed me one three-wheeler vehicle and told me that it was mine," he said.
The victim said he then signed a contract with the suspects. "In Nov last year, I received only Rs12,000 instead of Rs31,000. When I contacted the company officials, I was told that the policy of the company had changed," the investor said.
When the victim went to the company's office, he found it was locked and many people had gathered there. "After realising that I was duped, I lodged a complaint with the police," he said. Dhumal informed that the suspects had earlier shut their offices and fled from Maharashtra.
"We have arrested the duo from Noida recently. They are currently in police custody," she said. The officer added that the duo has duped 732 people from different cities and the fraud amount is worth about Rs7 crore in total, the probe so far has revealed.
She said the suspects had kept the investors' three-wheeler vehicles in a godown in Thergaon. So far, 37 vehicles have been returned to the investors with the court's permission. "The process is on to return 24 more vehicles to the investors," said Dhumal.
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