The Economic Offences Wing of the Thane police has registered a cheating case against Sagar Investments for allegedly duping 4,000 investors of Rs 400 crore.
The firm, promoted by the Samudra family, has been functioning for 30 years and had investors from Badlapur, Ambernath, Kalyan, Thane and Pune. The case has been registered against directors Suhas, Sunita, Shriram, Anagha and Bhakti, all directors, and their employees.
The firm offered 15% interest for many years but defaulted since last November, prompting investors to lodge a police complaint with the Badlapur police. Sagar Investments, operating since 1988, claiming to be a Sebi-approved sub-broker, was offering advice on investments, insurance, retirement plans and was running many money-doubling schemes. It also claimed to be offering a range of services for high net worth individuals, and NRIs under one roof.
The EOW has received over 300 complaints from investors, Sulbha Patil, senior police inspector of EOW, said. Every day, new investors are lodging complaints, an officer said.
Thane police commissioner Parambir Singh had ordered a probe. Patil said, "Most investors are senior citizens who have invested their retirement benefits with the firm.''
EOW officials recorded the statements of Suhas and Sunita, who started the firm in 1988, on Friday evening. The officials are checking assets and have asked for details about the firm's bank balance.
The firm, promoted by the Samudra family, has been functioning for 30 years and had investors from Badlapur, Ambernath, Kalyan, Thane and Pune. The case has been registered against directors Suhas, Sunita, Shriram, Anagha and Bhakti, all directors, and their employees.
The firm offered 15% interest for many years but defaulted since last November, prompting investors to lodge a police complaint with the Badlapur police. Sagar Investments, operating since 1988, claiming to be a Sebi-approved sub-broker, was offering advice on investments, insurance, retirement plans and was running many money-doubling schemes. It also claimed to be offering a range of services for high net worth individuals, and NRIs under one roof.
The EOW has received over 300 complaints from investors, Sulbha Patil, senior police inspector of EOW, said. Every day, new investors are lodging complaints, an officer said.
Thane police commissioner Parambir Singh had ordered a probe. Patil said, "Most investors are senior citizens who have invested their retirement benefits with the firm.''
EOW officials recorded the statements of Suhas and Sunita, who started the firm in 1988, on Friday evening. The officials are checking assets and have asked for details about the firm's bank balance.
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