Investors duped of Rs 10 crore in Maharashtra ponzi scheme; six booked

THANE: Maharashtra police have filed instances in opposition to six employees of a non-public company for allegedly duping buyers of Rs 10 crore via a ponzi scheme.

The racket was once unearthed after buyers approached the economics offences wing (EOW) of Thane police, claiming they had been cheated by 'Aatharv4U Infra And Agro Limited', a police authentic stated Thursday.

After these buyers filed a grievance at the Naupada police station in Thane, an offence was once registered Wednesday in opposition to the six persons, including company chairman Shivaji Niphade, managing director Ganesh Hazare and directors Lukman Shaikh, Sachin Gosavi, Mukesh Sudesh and Sulindra Chavan.

"We have registered an offence against six persons under section 420 (cheating), 406, 408 and 409 (criminal breach of trust)," stated Deputy Commissioner of Police D S Swami.

The case has been investigated by the EOW, he stated.


The company has branches in Mumbai, Palghar, Raigad, Satara and Kolhapur in Maharashtra and in Gujarat, Rajasthan and Karnataka, police stated.


A complainant stated he and his family invested in the company since 2010 because it promised lucrative returns. The company informed the buyers that it had interests in construction, trip, tourism, tutorial and hotel businesses and claimed the cash accrued could be invested into these businesses.


The shoppers got the option of investing money in fastened deposits and ordinary deposits for various durations on the promise of high returns, police stated.


Initially the buyers were given good returns, however the company failed to make payments since 2016, mentioning the government's demonetisation decision and giving different excuses, and duped them of around Rs 10 crore, Thane police spokesperson Shubhda Narkar stated.
Investors duped of Rs 10 crore in Maharashtra ponzi scheme; six booked Investors duped of Rs 10 crore in Maharashtra ponzi scheme; six booked Reviewed by kailash soni on December 07, 2018 Rating: 5
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