Director of company booked for duping investors of Rs3.57cr
Viraj Deshpande | TNN | Nov 25, 2018, 02:17 ISTNagpur: A massive financial fraud, which can go in hundreds of crores has come to fore in the city, after Sadar police on Friday booked two directors of a private company for duping investors of Rs3.57 crore between November 3, 2017 and July this year.
The accused, identified as Akash Sarode and Abhijeet Dev, along with others were booked for defrauding around 300 investors by luring them with cash benefits. The duo, along with their families, fled the city even before the fraud came to fore. It is learnt that even the owner of the office which they had rented at a prime location is also one of the victims as the accused did not pay his rent of the last four months along with salary of other employees working for them.
Sources said, currently only 300 to 400 investors of the company have come forward from all over the country but the number of investors and defrauded money can increase. The accused had set up an office under the name of MY Dial Digital LED and Media Pvt Ltd at Gondwana Square. The accused initially started promoting on social media about their company having received a government contract to install LED hoarding across several cities in the country under Prime Minister Narendra Modi’s Smart City project.
It is learnt that the accused had installed few digital hoardings at some places in order to woo the investors. They started finding people to promote their business. The company also promised to double the money invested by the investors within 10 months. Several people across India, including a schoolteacher Parvati Chimole from Uttarakhand, were victims of the fraud.
Parvati was approached by the accused who promised to double her investment in just 10 months by paying her 20% of the investment she made per month. Parvati invested her savings along with money for her relatives. The accused have her 20% of investors’ money as promised. However, in the later months, the payments stopped.
Sources claimed that the investigation is likely to be transferred to the Economic Offense Wing (EOW) of city crime branch.
The accused, identified as Akash Sarode and Abhijeet Dev, along with others were booked for defrauding around 300 investors by luring them with cash benefits. The duo, along with their families, fled the city even before the fraud came to fore. It is learnt that even the owner of the office which they had rented at a prime location is also one of the victims as the accused did not pay his rent of the last four months along with salary of other employees working for them.
Sources said, currently only 300 to 400 investors of the company have come forward from all over the country but the number of investors and defrauded money can increase. The accused had set up an office under the name of MY Dial Digital LED and Media Pvt Ltd at Gondwana Square. The accused initially started promoting on social media about their company having received a government contract to install LED hoarding across several cities in the country under Prime Minister Narendra Modi’s Smart City project.
It is learnt that the accused had installed few digital hoardings at some places in order to woo the investors. They started finding people to promote their business. The company also promised to double the money invested by the investors within 10 months. Several people across India, including a schoolteacher Parvati Chimole from Uttarakhand, were victims of the fraud.
Parvati was approached by the accused who promised to double her investment in just 10 months by paying her 20% of the investment she made per month. Parvati invested her savings along with money for her relatives. The accused have her 20% of investors’ money as promised. However, in the later months, the payments stopped.
Sources claimed that the investigation is likely to be transferred to the Economic Offense Wing (EOW) of city crime branch.
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