Latest news with #MaharashtraProtectionofInterestofDepositors
Time of India
2 days ago
- Business
- Time of India
Primary accused in Thane multi-crore forex trading fraud arrested from Dehradun
Thane: The primary accused in an investment fraud scheme that duped investors of crores of rupees was arrested after an extensive manhunt that spanned multiple countries. The accused, identified as Usare, was the primary operator behind 'Divine Power Forex Trading,' a fraudulent company that promised unrealistic returns to unsuspecting investors starting in 2022. According to Deputy Commissioner of Police (DCP) Parag Manere, Usare and his associates established the company and launched multiple investment schemes with the enticing promise of 15 percent monthly returns for 15 months in various parts of the state. "The accused floated different investment schemes and promised 15 per cent interest each month for 15 months to investors," the DCP explained. Lured by these extraordinary promised returns, numerous investors poured their savings into the company's various schemes. However, the scheme eventually collapsed when returns stopped flowing and the company abruptly shut down operations, leaving investors empty-handed. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Following multiple complaints from defrauded investors, the Wagle Estate Police registered a comprehensive First Information Report (FIR) under various sections of the Indian Penal Code. The case also invokes relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The case was transferred to the Thane EOW, where a dedicated team of officers began the challenging task of tracking down Usare, who fled India following the scheme's collapse. "The accused reportedly fled India and stayed with a concealed identity in foreign locations such as Dubai and Nepal," Manere revealed. Using technical intelligence and following various leads, the investigation team finally tracked Usare to Dehradun, Uttarakhand, where he was apprehended on June 13. Usare was brought to Thane. The DCP confirmed that Usare represents the sixth accused to be arrested in connection with this case, indicating the broad scope of the fraudulent operation. A victim alleged that earlier the cops froze the bank accounts, but the investigators then took money to unfreeze them. The investigation yielded significant results in terms of asset recovery, with authorities securing around Rs 8 crore worth of assets believed to be directly linked to the proceeds of the fraud.
NDTV
5 days ago
- NDTV
Mastermind Of Rs 7 Crore Thane Forex Scam Arrested After 3 Years In Dehradun
Thane: The main accused in a Rs 7.14 crore investment fraud in Thane city has been arrested from Uttarakhand, nearly three years after the scam came to light, police said on Wednesday. Deputy Commissioner of Police (Economic Offences Wing) Parag Manere said the accused, Ajay Usare (38), had floated a forex trading company in Thane's Wagle Estate area along with his associates and cheated gullible investors. According to Mr Manere, the arrest, the sixth so far, marks a crucial step forward in the investigation of the case involving a fraud of Rs 7,14,93,349 from 91 unsuspecting investors. "The main player (Usare) in the investment fraud involving crores of rupees has been finally arrested," he said. The fraud dates back to 2022, when the accused and his associates established a company under the name 'Divine Power Forex Trading' . "The accused floated different investment schemes and promised 15 per cent interest each month for 15 months to investors," said the DCP. Lured by the promise of high returns, several investors poured their money into the various schemes of the company. However, when the returns stopped and the company shut operations, the victims approached the police. Based on multiple complaints, the Wagle Estate Police registered a First Information Report (FIR) under various sections of the Indian Penal Code, including 420 (cheating), 406 and 409 (criminal breach of trust), 34 (common intention), and 120B (criminal conspiracy), and relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act. Mr Manere said the case was transferred to the Cyber Cell of the Thane Police on October 7, 2024 and a dedicated team of officers began tracking the main accused, Usare, who had reportedly fled India and stayed with concealed identity in foreign locations such as Dubai and Nepal. "The team worked on technical inputs and leads and finally tracked him to Dehradun, Uttarakhand, on June 13," said the police officer. Usare was subsequently brought to Thane and produced before a magistrate, who remanded him to police custody until June 26. The DCP informed that Usare is the sixth accused to be arrested in the case. "There is a likelihood of some more partners (who were associated with the forex firm) being involved in the crime. Police were conducting further probe," he added. The investigation has already led to the securing of assets worth approximately Rs 8 crore, believed to be linked to the proceeds of the fraud, Manere said.
Hindustan Times
18-06-2025
- Business
- Hindustan Times
Home department goes after credit society directors to recover defrauded funds
Mumbai: The state home department has ordered the attachment of properties of 18 persons accused in a ₹33.95-crore scam in Jaimuni Cooperative Patpedhi Limited, a Vasai-based credit society. Apartments, land parcels and commercial properties owned by the accused – including developers, businessmen and directors and office-bearers of the credit society – will be auctioned to recover the deposits of account holders in the credit society, as per the notification issued by the home department last week. The notification was issued under sections 4(1) and 5(1) of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, which authorise the government to recover the amount defrauded from depositors by selling properties of the accused including directors and employees of financial institutions. The notification was issued after the economic offences wing of the Mira-Bhayandar Vasai-Virar police and the Palghar collector submitted reports on properties of the accused to the home department. The reports were submitted following directions from the special MPID court in Palghar which is hearing the case. Properties that will be attached include 17 flats and two houses of Jaywant Naik, the main accused; 6.11 acres of land belonging to developer Avinash Dhole; and an apartment owned by businessman Mintu Shah. The list also includes residential apartments of the credit society's former chief executive officer Rajesh Rawal; former chairman Vasant Naik and his son Swapnil Naik; deputy chairman Nitin Patil; directors Krishna Naik, Kumar Naik, Pratibha Naik, Surendra Raut, Vasant Joshi, Hemlata Naik, Manohar Patil and Vijay Baswant; and employee Manisha Mhatre. The properties will be attached and auctioned by the sub-divisional officer of Palghar, who has been appointed as competent authority in the case, said a senior official from the home department. 'The valuation of the properties has been done by the Collector's office,' the official said. The money recovered from the auction will be distributed among 408 depositors who cumulatively lost ₹33.95 crore, in keeping with their investments, the official noted. 'The home department is also planning to amend the MPID Act to hike the penalty and imprisonment for the accused from the existing ₹1 lakh fine and/ or six years of imprisonment,' he said. The scam came to light in June 2018 after depositors filed complaints regarding Jaimuni Cooperative Patpedhi Limited not returning their deposits. The credit society's financial troubles began after some directors approved loans to purchase 159 flats in buildings owned by Avinash Dhole and other builders. While many of the flats had already been mortgaged by their original buyers, fresh loans were advanced in the name of local vegetable vendors via collusion between Dhole, Jaywant Naik and Mintu Shah, who produced forged documents, and Vasant Naik, Nitin Patil and Rajesh Rawal, who approved the loans. Rajesh Naik, director of the reconstituted board of Jaimuni Cooperative Patpedhi Limited, said some former directors of the society were directly involved in the scam while others were guilty of omission of duty and did not secure any financial benefits. 'Our management analysed 3,800 transactions to establish the money trail which helped the investigating agency frame charges,' said Naik. The reconstituted credit society has been allotted A grade in its audit.
Time of India
17-06-2025
- Business
- Time of India
Economic Offences Affect Nation's Financial Health and Must Be Treated Sternly: HC
Nagpur: The Nagpur bench of Bombay high court recently refused bail to an accused in a Rs145 crore scam involving alleged financial fraud against farmers. The court observed that economic offences pose a serious threat to society and must be handled with a firm approach. Tired of too many ads? go ad free now It described such crimes as a 'class apart', citing their long-lasting damage to the country's financial health and public morality. Justice Urmila Joshi-Phalke, while quoting Supreme Court rulings, stated, "The consistent view is that socio-economic offences have deep-rooted conspiracies affecting the moral fibre of the society and causing irreparable harm which needs to be dealt with sternly." She noted that offences involving public funds cannot be treated on par with ordinary crimes due to their systemic impact. The accused, Ramanrao Bolla, approached the court for bail on the basis of his cooperation during the investigation and his clean criminal record. However, the court declined relief, stating that the magnitude of the fraud and its effect on the rural population demanded a cautious approach. Strongly opposing the bail, additional public prosecutor Neeraj Jawde contended that Bolla conspired with others to fraudulently obtain agricultural loans in the names of multiple farmers. "The petitioner is one of the conspirators and owns warehouses and hatched a conspiracy to dupe farmers, got opened their bank accounts, obtained loans, and amount of loans, which is public money, is siphoned by the applicant. Total amount siphoned by him comes to Rs145 crores. Forensic Audit Report was collected and involvement of the applicant revealed," Jawde told the court. Bolla, who has been in custody since October 28, 2023, faces charges under the Indian Penal Code, Information Technology Act, 2000, and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. Tired of too many ads? go ad free now Justice Joshi-Phalke also highlighted the human cost of the alleged fraud. "From the evidence, it is apparent that by hatching conspiracy by the petitioner and other co-accused, poor farmers were deceived and some of them committed suicide and some of them are under mental stress," Justice Joshi-Phalke noted. The court relied on past Supreme Court precedents to underline that bail in cases of economic offences should not be granted routinely due to the gravity and far-reaching consequences of such crimes.
