Mumbai: Police have charged the chairman and managing director of a local financial firm with defrauding around 200 people of over Rs ₹50 lakh promising lucrative returns on their investments. Plaintiff Hirendra Surve, 57, a resident of Ghodbunder in Thane, came to know about Globate Capital Index Pvt Ltd in August 2021 through a friend, whose son Swapnil Kamble worked at the company.
Kamble told Surve that his company offered good returns on investment and gave pamphlets of attractive investment schemes.
Kamble also introduced Surve to his employer and Globate Capital Index CMD Israr Iliyas Khan. “Khan told me that no other company was giving high returns like his company and that my investment would be safe,” Surve said in his statement to the police.
Surve subsequently invested ₹50,000 in October 2021 in a 32-week firm, which promised weekly interest of ₹1,674 for 27 weeks and after 27 weeks, total interest of ₹45,198.
They said he would later be paid back the principal in five weekly instalments, so in total it was a 32-week scheme, police said. Surve also invested ₹1 lakh in his wife’s name in December 2021.
For the first 13 weeks, Surve received regular interest, however, from January 2022, he and his wife stopped receiving interest money.
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 the Kalyan court and take his partner’s signature and release the rest of the funds to the investors.
On 17 March 2022, an employee of Kamble and other staff went to Khan’s Jogeshwari residence, as they had not received their salary since January 2022. They learned that Khan was preparing to leave the city with his family.
Surve then reached Khan’s office in Mulund and learned that like him several other investors had also not received the interest amount and due amounts.
Surve and other investors then tried to contact Khan to get their money back, but in vain. He and other investors later lodged a complaint with the Mulund police.
Speaking to HT, Surve claimed that more than 197 individuals from 50 families invested money in the firm’s schemes. The victims are from middle and lower middle class families.
“Based on the complaint of the investor, we have registered a case of investment fraud against the directors of the said company under relevant sections of the Maharashtra Protection of Depositors’ Interests Act (MPID) and the IPC. Further investigation is on,” said Kantilal Kothimbire, senior inspector of Mulund police station.
“More victims are coming forward to file complaints and the number of victims could increase in the coming days. We are trying to trace the accused directors of the accused company,” said Assistant Police Inspector Sunil Karande, the investigating officer of the case.
Another victim Vikram Pawar, 38, a resident of Andheri, said he and his sister had invested ₹3.67 lakh with Khan’s firm and were duped. Like others. they also received the interest amount initially and the company later defaulted, Pawar said.
Despite repeated attempts, Khan could not be reached for comment.