Firm in Mumbai dupes 430 investors of ₹32 crore, two employees held
Police said the firm had asked its employees to invest money and get more people to do so. The investors were told they would get 10% of their deposit every month
The Sakinaka police busted a racket involving an investment firm and arrested two employees, who cheated investors to the tune of ₹32 crore.
According to police, Quirky Technology Private Limited was launched in March 2017 after which, its employees were asked to invest money and get more people to do so.
The accused Sumit Sharma, CEO of the company, and Sumail Khan, vice president were arrested. Police are on the lookout for Rahul Saxena, who is said to be a crucial witness in the case.
“The investors were told they would get 10% of their deposit every month,” said Navinchandra Reddy, deputy commissioner of police, Zone 10.
Police said the company initially paid the interest to more than 1,000 members, but eventually started defaulting. When the members stopped getting interest, they protested.
“They received their interest till January, but started defaulting after that. In July, they defaulted the amount of almost all investors,” said a police officer from Sakinaka police station.
Till now, 430 complainants approached police, on record, who have been cheated to the tune of around ₹32 crore. Police sources said they are expecting more complaints in the case and the number will cross a total of 1,000 to 1,200.
The total amount of fraud is expected to cross ₹50 crore as they had three different branches at Sakinaka, Marol and Navi Mumbai, police said.
Police sources said that Saxena has previously been named in similar cases in Amboli and Bangur Nagar. The amount invested by people ranges from ₹10,000 to ₹17 lakh per person.
First Published: Sep 09, 2018 00:55:08