A case of alleged investment fraud has surfaced in Mumbai, with Kandivli police registering an FIR against the director of a private company for cheating 15 people of ₹18.34 lakh by offering shares at highly discounted rates.
According to the police, the complainant is a 63-year-old resident of Ghatkopar who works as a medical salesman with a pharmaceutical company. The case also involves other victims, including a senior citizen.
The incident dates back to May 2024, when the complainant was introduced by an acquaintance to the accused, who claimed to be the director of a company based in Mahavir Nagar, Kandivli. The accused allegedly said he held shares of a reputed hand tools manufacturing company and offered to sell them at ₹4 per share. The complainant was assured of high returns and was encouraged to meet the accused.
After speaking with the accused over the phone, the complainant was told that shares worth ₹18 lakh were available for sale. He then brought together 14 other interested buyers. It was mutually decided that all 14 buyers would transfer their money to the complainant’s bank account, after which a lump sum payment would be made to the accused.
Between May 2024 and June 2024, the 14 buyers deposited ₹13.07 lakh into the complainant’s account. The complainant added ₹2.10 lakh from his own funds and transferred a total of ₹15.17 lakh to the accused. Later, 4 more buyers transferred ₹3.17 lakh directly into the accused’s bank account for the same shares.
To gain trust, the accused allegedly showed the buyers an “NSDL statement” claiming the shares were in his possession. He also provided a stamped bond paper of ₹100 stating that the shares would be transferred to the buyers’ names after payment. However, the accused later told the investors that “NSDL had freezed his account.”
Suspecting foul play, the buyers checked with the concerned authorities and discovered that the accused did not own any such shares. They then issued a legal notice and approached the police.
An FIR has now been registered, and police said further investigation into the case is underway.
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