Thane: A 64-year-old Thane resident and some of his acquaintances were allegedly cheated of nearly ₹3 crore after a couple and another person promised affordable flats and 12 per cent monthly returns on investments in the share market. Police have registered an FIR against the three accused, but no arrests have been made so far.
According to police, the accused approached the senior citizen with an offer to provide flats at relatively low prices in their housing project at Mankoli in Bhiwandi, Thane district. They allegedly assured him that the properties could be purchased through easy instalments. At the same time, they allegedly offered an attractive investment opportunity in share trading, promising returns of up to 12 per cent every month.
Trusting the assurances, the victim invested a total of ₹2.24 crore in his name and in the names of his relatives. Police said the accused subsequently began returning portions of the money, but only ₹1.06 crore was allegedly paid back over a period of time.
Instead of returning the remaining amount, the accused allegedly used the victim’s trust and his social connections to persuade his acquaintances to invest as well. Police said the acquaintances were allegedly cheated of another ₹1.79 crore through the same method.
The police are examining the exact flow of money and the total financial loss in the case. The complaint mentions investments made by the victim and his relatives as well as amounts allegedly obtained from his acquaintances. Investigators are now scrutinising bank transactions and other financial records to establish the precise amount involved.
Following the complaint, Naupada police registered an FIR on August 31 against the three accused under relevant provisions of the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors Act. The investigation is focused on the money collected in the name of investments, the promises made regarding flats, bank accounts used for transactions and the subsequent movement of funds.
The alleged fraud involved two separate assurances designed to build confidence. On one hand, the accused allegedly offered flats at affordable prices with easy payment terms, presenting the investment as a secure opportunity. On the other, they allegedly promised unusually high monthly returns through share-market investments.
Police are also examining whether similar promises were made to other people and whether the accused had been operating the alleged investment arrangement on a larger scale.
According to the complainant, the partial return of ₹1.06 crore initially helped strengthen his confidence in the accused. He subsequently invested money involving his relatives and also introduced acquaintances to the alleged investment opportunity. Investigators are now trying to determine whether the money returned to him came from genuine investment earnings or whether funds collected from other investors were used to repay earlier investors.
Police are also examining whether the housing project at Mankoli actually had flats available for sale as promised. The investigation will determine whether the property-related assurances were genuine and whether the money collected in the name of share-market investments was actually invested in the market.
Officials said documents related to the housing project, bank transactions and other financial records are being examined. The evidence collected during the investigation will help establish how the alleged scheme operated and where the money was transferred.
No arrests have been made so far. Police said further action will be taken on the basis of the evidence gathered during the investigation. The final amount allegedly lost by the victims will also be determined after scrutiny of the financial transactions.
The case highlights the risks associated with investment offers that combine low-cost property deals with unusually high and assured returns. Financial investigators generally scrutinise such promises closely because guaranteed monthly returns from share-market investments can be a major warning sign. Police are now working to determine whether the accused deliberately used these assurances to gain the confidence of the senior citizen and subsequently bring more people into the alleged scheme.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
