Thane News: 36 Investors Allegedly Duped Of ₹13.70 Crore In Investment Scam, EOW Probes
· Free Press Journal
Thane: A major investment fraud has come to light in the Mumbai Metropolitan Region, with 36 investors from Thane and Mumbai allegedly duped of ₹13,70,96,910. Mumbra Police have registered a case against Manoj Gulekar and Vinayak Jagdale, owners of Galaxy Finance Consultancy, following complaints from investors.
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The Economic Offences Wing (EOW) of the Thane Police has taken over the investigation to determine the full extent of the alleged fraud and identify whether more people were affected.
Investors Lured With 5% Monthly Returns
According to investigators, the accused allegedly lured investors by promising monthly returns of 5 per cent on their principal amount.
Gulekar and Jagdale allegedly told investors that the pooled funds would be actively traded in the stock market and invested in profitable real estate opportunities. To gain their confidence, the firm reportedly paid regular returns during the initial years.
Payouts Stopped In February
The situation changed in February when the promised payouts allegedly stopped. When investors approached the firm seeking an explanation and repayment, they were allegedly given repeated assurances without receiving their dues.
Suspecting that they had been defrauded, the investors approached the Thane Police's EOW, following which a case was registered at Mumbra Police Station.
Police Suspect More Victims
A police official said the accused initially built investors' confidence by making regular monthly payments before abruptly stopping them.
Mumbai EOW Arrests Diamond Trader In Alleged ₹11.25-Crore Diamond Fraud Case"So far, 36 investors have come forward with a total loss of over ₹13.70 crore. As the investigation progresses, we suspect more victims of this scheme will step forward," the official said.
The EOW is now examining the financial transactions and other records linked to Galaxy Finance Consultancy as part of the investigation. Further details are expected as investigators trace the flow of funds and ascertain the total amount allegedly involved.
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