Jewellery Scheme Scam: Rs 9.5 Crore Frozen in Massive Fraud Investigation

A firm accused of cheating investors has had Rs 9.5 crore frozen in a probe in Thane district. The firm promised high returns on jewelry schemes but failed to deliver. Police have registered a case following the closure of several outlets, impacting 76 investors involved in the scam.

Authorities in Maharashtra's Thane district have frozen Rs 9.5 crore belonging to a company embroiled in a significant investor scam, a senior police official confirmed on Thursday.

The company, operating in Thane and Mumbai, allegedly enticed investors with lucrative jewelry schemes. However, it failed to uphold its promises, leading to the closure of several outlets since Monday, when the fraud was exposed.

The Mira Bhayander Vasai Virar (MBVV) Deputy Commissioner of Police, Prakash Gaikwad, reported that an official complaint was lodged at the Navghar police station. The scam reportedly affected 76 investors, with the company accused of defrauding them out of Rs 1.70 crore. As a result, two accounts collectively holding Rs 9.51 crore have been frozen. Additionally, several firm employees face charges under the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act.

(With inputs from agencies.)