Mumbai: Police accused the chairman and chief executive of a local financial firm of deceiving around 200 people to the tune of more than ₹50 lakh by promising lucrative returns on their investments. Complainant Hirendra Surve, 57, a resident of Ghodbunder in Thane, heard about Globate Capital Index Pvt Ltd in August 2021 through a friend, whose son Swapnil Kamble worked with the firm.
Kamble told Surve that his company offers good returns on investment and offers attractive investment program brochures.
Kamble also introduced Surve to his employer and Globate Capital Index CMD Israr Iliyas Khan. “Khan told me that no other company offers such high returns as his and that my investment would be secure,” Surve said in his statement to police.
Investigation later invested ₹50,000 in October 2021 within 32 weeks of the company, which promised weekly interest of ₹1,674 for 27 weeks and after 27 weeks a total interest of ₹45,198.
They later said the principal amount would be returned to him in five weekly installments, so overall it was a 32-week program, police said. Surve has also invested ₹1 lakh in the name of his wife in Dec 2021.
For the first 13 weeks, Surve received regular interest, however, since January 2022, he and his wife have both stopped receiving interest.
When Surve met Khan expressing his displeasure, Khan told him that his partner had been arrested by the police. Khan assured Surve that he would go to court in Kalyan and take his partner’s signature and hand over the balance of funds to the investors.
On March 17, 2022, company employee Kamble and other staff went to Khan’s Jogeshwari residence, as they had not received their salaries since January 2022. They learned that Khan was about to leave town with his family.
Surve then reached Khan’s office in Mulund to learn that, like him, several other investors had also not received interest and maturity amounts.
Surve and other investors then tried to contact Khan to get their money back, but to no avail. He and other investors later filed a complaint with the Mulund police.
Speaking to HT, Surve claimed more than 197 people from 50 families had invested money in the company’s programs. The victims are from middle and lower middle class families.
“Based on the complaint of the investor, we have registered an investment fraud case against the directors of the said company under the relevant sections of the Protection of Interests of Depositors Act (MPID) of Maharashtra and of the CPI. Further investigation is ongoing,” said Kantilal Kothimbare, Senior Inspector of Mulund Police Station.
“More and more victims are coming forward to file complaints and the number of victims could increase in the coming days. We are trying to track down the accused directors of the offending company,” said Deputy Police Inspector Sunil Karande, the investigator in charge of the case.
Another victim, Vikram Pawar, 38, a resident of Andheri, said he and his sister invested ₹3.67 lakh with Khan’s business and were duped. Like the others. they also received interest upfront and the company defaulted later, Pawar said.
Despite repeated attempts, Khan could not be reached for comment.