Representative image of fraud.
Credit: iStock Photo
Thane: Police have registered a case against an investment firm owner in Maharashtra's Thane district for allegedly cheating two persons of Rs 1.39 crore by luring them to invest money in share market for better returns, an official said on Monday.
The victims invested Rs 1.64 crore through his company in two years till June 2024, hoping to get good returns, the official from Mumbra police station said.
However, the accused did not invest the money in the share market and instead misappropriated it.
He later refunded only Rs 24.9 lakh to the victims, who subsequently filed a police complaint, the official said.
The police on Sunday registered an FIR against the investment firm owner under sections 420 (cheating), 406 (criminal breach of trust) and 409 (criminal breach of trust by businessman) of the Indian Penal Code, he added.