Thane Duo Accused of Rs 6.25 Crore Investment Fraud

Two individuals in Thane, Maharashtra, have been charged with defrauding 24 people of Rs 6.25 crore by promising high returns on investments. The accused, Manish Malkan and Arpit Shah, allegedly lured investors to their company, Money Maker Malkan. The payments stopped in February 2023, leading to a police investigation.

Thane, Maharashtra – A case has been registered against two men in Thane for allegedly defrauding people of Rs 6.25 crore through a fraudulent investment scheme. The police stated on Saturday that the accused had promised lucrative returns to their investors.

The police filed charges on Friday against Manish Malkan and Arpit Shah under sections 420 (cheating), 406 (criminal breach of trust), and other relevant provisions of the Indian Penal Code. The alleged fraud took place between October 2020 and May 2023, according to an official.

The suspects lured individuals into investing in their company, Money Maker Malkan, claiming it was certified by the Ministry of Micro, Small, and Medium Enterprises (MSME). The accused promised high returns of 6 to 8 per cent on investments but ceased payments in February 2023, failing to return the principal amounts. The fraud affected at least 24 investors, and an investigation is currently underway.

(With inputs from agencies.)