FIR against five for duping investors in fraudulent investment scheme

Thane: Dombivli police have registered an FIR against five individuals associated with a wealth management firm for allegedly duping multiple investors of over Rs 48.62 lakh through a fraudulent investment scheme that promised unusually high monthly returns.According to investigators, the accused operated under the name Lotus India Wealth Management LLP and began mobilising funds from Dec 2019. They allegedly lured investors by offering returns ranging from 3% to 5% per month, while assuring them that their principal investment remained secured and could be withdrawn at any time. Police said such assurances were strategically used to build credibility and attract more deposits, said a police officer.One of the primary complainants informed police that he transferred Rs 13.25 lakh to the firm between April 2020 and Jan 2021. Initially, he received returns totalling Rs 6.91 lakh, which officials believe were paid to gain the investor's trust and encourage continued investment. However, the payments abruptly stopped in early 2021, the police said, quoting the complaint.When the complainant demanded a refund of his principal amount, the accused allegedly issued multiple cheques as security. These cheques were later dishonoured by the bank, raising suspicion. Police further stated that a settlement agreement was executed in Oct 2023, wherein the accused promised to repay Rs 20 lakh in instalments. Despite this, only a small portion of the amount was returned before the accused allegedly stopped responding altogether.During the course of the investigation, police identified at least three additional victims who suffered financial losses of Rs 22.12 lakh, Rs 12 lakh and Rs 1 lakh respectively, indicating that the fraud may be more widespread.The FIR, registered on March 29, 2026, invokes sections of the Bharatiya Nyaya Sanhita related to cheating and criminal breach of trust, along with provisions of the Maharashtra Protection of Interest of Depositors Act. Police said efforts are underway to trace the money trail and identify other potential victims.
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