6 face EOW case for 20cr investment scam in Thane | Mumbai News

Thane: Thane police’s economic offences wing (EOW) registered a case against six persons from Gujarat for allegedly defrauding investors to the tune of Rs 20.4 crore through a fraudulent investment scheme.
According to the complaint, the accused held multiple meetings between May 2020 and Jan 2024 at plush hotels in Thane. They allegedly lured investors with promises of high returns on investments, ranging from 2% to 10.5% a month.
“The accused lured victims by promising substantial returns through purported earnings from search engine advertisements that generated significant revenue and convinced them to invest.The accused created an elaborate scheme to convince investors of the legitimacy of their business model,” the official said.
The accused distributed brochures and business documents explaining their schemes. To gain trust, they initially provided some returns to investors. However, the complaint alleges the accused later diverted funds collected from investors into personal accounts under the pretense of reinvestment in their business ventures. The case has been filed at Vartak Nagar Thane police.
Thane: Thane police’s economic offences wing (EOW) registered a case against six persons from Gujarat for allegedly defrauding investors to the tune of Rs 20.4 crore through a fraudulent investment scheme.
According to the complaint, the accused held multiple meetings between May 2020 and Jan 2024 at plush hotels in Thane. They allegedly lured investors with promises of high returns on investments, ranging from 2% to 10.5% a month.
“The accused lured victims by promising substantial returns through purported earnings from search engine advertisements that generated significant revenue and convinced them to invest. The accused created an elaborate scheme to convince investors of the legitimacy of their business model,” the official said.
The accused distributed brochures and business documents explaining their schemes. To gain trust, they initially provided some returns to investors. However, the complaint alleges the accused later diverted funds collected from investors into personal accounts under the pretense of reinvestment in their business ventures. The case has been filed at Vartak Nagar Thane police.