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Firm Near Mumbai Swindles 30 Investors of ₹32 Crore; Police File Case Against 2

In Maharashtra’s Thane district, the police have initiated legal action against two individuals, including the proprietor of a company, on allegations of deceiving approximately ₹32 crore from 30 investors by promising substantial returns on their investments. This incident came to light on Friday, according to an official statement.

The case involves Parag Thakker, the owner of Indo-Pacific Global Services Company, and Sagar Chinnarampelli, the company’s manager, as specified by the authorities.

According to a police spokesperson, “Between January 2022 and February 2023, the accused enticed individuals to invest in their company with promises of providing a 12 percent return on investments,” referencing the complaint.

The spokesperson continued, “A total of 30 individuals invested sums ranging from ₹50 lakh to one crore each in the company. The accused issued promissory notes to the investors and subsequently issued checks. However, the checks bounced due to the freezing of the bank accounts.”

Upon realizing that they had collectively lost ₹31.95 crore due to this alleged fraud, the victims reported the matter to the police and filed a formal complaint.

The police have now registered a case under pertinent sections of the Indian Penal Code (IPC), specifically related to cheating, criminal breach of trust, and common intention. Nevertheless, as of now, no arrests have been made in connection with the case, according to the police authorities.

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