Unveiling a Multi-Crore Investment Scam in Thane: A Cautionary Tale

A case involving fraud against a group of Thane residents promises insights into investment scams. Three individuals allegedly duped victims out of over Rs 1.5 crore by promising high returns. Despite an FIR under the Indian Penal Code, no arrests have been made yet, highlighting the need for investment caution.

In Thane, a major financial fraud case has come to light, involving cheating of a 54-year-old housewife and eleven other residents. The alleged perpetrators promised high returns on investments, resulting in a collective loss of Rs 1.51 crore over four years.

The police have registered a case under various sections of the Indian Penal Code and the Maharashtra Protection of Interests of Depositors Act against three individuals implicated in the fraud. Despite the registration of an FIR, no arrests have been made yet.

The accused, leaders of Cambridge Infra Properties Pvt Ltd and Sri Siddhivinayak Multistate Agro and Allied Co-operative Society, allegedly failed to return investors' money. Authorities advise caution and thorough background checks before investing in schemes offering lucrative returns.

(With inputs from agencies.)