Retd Cidco employee duped of 14L by stock broker in investment scam

Navi Mumbai: A 67-year-old retired Cidco employee has registered a police case of cheating and criminal breach of trust at CBD-Belapur police station against a stock broker for defrauding him of Rs 14 lakh that the complainant had paid him to invest in mutual funds.While complainant Jagdish Bhat has been staying at an old age home in Belapur since 2016, the accused identified as Om Singh, is a resident of Nerul.As per the FIR, after Bhat retired from Cidco in 2013, he received Rs 30 lakh as his retirement benefits. In 2014, he visited Motilal Oswal company's office in Vashi and met the director Sanjeev Kumar for investment in mutual funds. Kumar introduced him to his employee Om Singh. Bhat invested Rs 20 lakh in the company’s mutual funds. Subsequently, he started receiving dividends every month and Singh kept visiting him at his old age home to give him monthly statements.In August 2022, Singh told Bhat that he has resigned from Motilal Oswal and is starting his own company. Singh convinced Bhat to invest in his company for better dividends.Bhat gave him three cheques of total Rs 14 lakh to invest, and Singh assured of dividends from October 2022. However, Singh deposited the cheques in his own account and became incommunicado. Later, when Bhat inquired at Singh’s residence in Nerul, the latter’s mother told him that they had severed ties with Singh and he doesn't reside with them. Thereafter, Bhat filed the FIR.
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