Mumbai: In connection with an investment-cum-multi-level, marketing scam in which at least nine persons who had made the investment have together lost Rs.1.5 crore so far, The Economic Offences Wing (EOW) of the Thane police has arrested five people who were involved in the scam.
The EOW officers said, the investors had approached the Kapurbawdi police earlier this year and registered a complaint against the directors of a company named Tips Zone Advisory Pvt Ltd. In accordance with the complaint inquiries were initiated into the matter.
Deputy Commissioner of Police Mr. Sanjay Jadhav, Thane EOW, said the directors attracted the victims into investing money in their companies promising that they would get 1% interest on their investment for a period of 200 days. They further promised their victims that if they got others to invest in the same companies, their interest would be increased to 300%.
Mr. Jadhav said when the victims saw that there was no returns on the investment they started questioning the accused but they started evading the victims and finally the victims had to register a complaint with the police.
Mr. Jadhav said on the basis of human intelligence, one of the directors, Prakash More was arrested from his residence in Khadakpada in Kalyan. In order to arrest the other accused police teams were sent to Gujarat and Delhi.
In a period of two weeks, the EOW arrested Sandip Patil in Thane, Umang Shah and Ajay Zariwala in Gujarat, and Ritesh Patel in Delhi. The police said Mr.Patil was also named as the director of the company. The money of the investors was diverted into Mr. Shah’s account. The planning and execution of the racket was done by the other two accused.
Mr. Jadhav said as per the enquiries so far conducted the accused have swindled the money of nine victims which is valued at Rs.1.5 crore and the number is expected to rise. He has appealed to anyone else who might have lost their money in the racket to approach the police and submit their formal complaints.