2 investment firm staffers held for multi-crore scam

MUMBAI: Two office-bearers of a Malad-based firm were arrested in a multi-crore investment scam recently. Thirteen more have been booked in the case in which thousands from across the country were duped.
"We have arrested Sunil Doshi and Devang Kakkar on charges of cheating. Our teams are looking for their associates," said senior inspector V Kakade of Dindoshi police station.Doshi and Kakkar were produced before a metropolitan court and have been remanded in police custody till August 18.
"So far, investigations have revealed that the conmen made about Rs 1.95 crore. But we have received letters from victims who claim the fraud runs into Rs 80 crore. We are still investigating these claims," Kakade added.
The police said the conmen first floated a firm at Malad (E) and lured investors with promises of 10% interest per month. They also guaranteed a return of the principal amount by the end of the maturity period. Initially, most investors received the promised interest. Later, not only did the interest stop coming, the accused refused to return the principal amount.
"Since February this year, we got complaints from investors who had been connedby the firm's office-bearers. After a preliminary investigation, a case was registered in July against four directors and 11 employees of the firm," an official said.
Officials suspect that over 4,000 people from all over the country have fallen prey to the firm's investment scheme.