Couple who duped at least 20 of ₹3cr booked

Mumbai

: A couple has been booked for allegedly cheating investors by promising of 48% returns on fixed deposits in their real estate company, said officials of the economic offences wing (EOW) of the city police.


About 20 investors approached the police, claiming they lost around Rs 3 crore in all, but the police said that the amount of fraud could touch Rs 20 crore with more people coming forward. The police said that the firm is not registered.

An FIR was filed against Arjun Sawant, proprietor, Arrows Dynamic Enterprise in Bhandup, and his wife Vaidehi after an investor, Rajendra Deshmukh, lodged a police complaint at Kanjurmarg police station.

“The couple took money for fixed deposits promising 48% monthly return. They advertised their schemes by word of mouth,” said an officer.

Depositors largely include the working class from the suburbs. “The accused told investors that their firm invests in shares, real estate, gold and commodities. Their office is now shut,” said the officer. “Arjun had been arrested in Sindhudurg for a similar offence. We will take his custody now.”