The Economics Offences Wing (EOW) of Mumbai police on Tuesday booked Abhishekh Satish Agicha, 30, and his 31-year-old cousin Gautam Prakash Agicha, of a Khar-based family, for cheating 166 people to the tune of Rs 30 crore.

The accused allegedly lured people into investing money in their businesses, promising 1.25% monthly interest, but failed to return it after two years.

While Gautam said he cannot comment on the issue now and needs to “speak to [his] family”, Abhishekh and their uncle Manohar Agicha did not reply despite repeated attempts.

Abhishekh and Gautam are proprietors of Greenwood and Woodtech firms. They are the nephews of Manohar, a well-known plywood trader from the Sindhi community. The main complainant, Kamal Bhatia, a textile businessman from Khar, stated that in February 2016, he got to know about the accused’s business. Bhatia knew Manohar and verified the accused’s details with him. “Manohar confirmed everything and told me the family was starting a profitable factory abroad,” Bhatia said in the complaint. He invested Rs 2.30 crore in Greenwood in 2016. Till June 2017, he regularly got interest, but after that it stopped, despite several follow-ups. He learnt hundreds of others also invested in the business.

“The accused diverted our money to five of their other firms.” Bhatia also said that in meetings with the investors, Manohar agreed that he took the money and promised returns. “We have the recordings, which we’ve submitted,” Bhatia said.

Finally, the investors approached the cops and an FIR was filed against Gautam, Abhishekh, Greenwood and Woodtech on Tuesday, said another investor, who lost Rs 95 lakh. A senior EOW officer said the accused were booked under sections 406, 409, 420 and 34 of IPC; 3 and 4 of Maharashtra Protection of Interests of Depositors Act and 4 and 5 of Prize Chits and Money Circulation Schemes (Banning) Act. “Investigation has begun,” said an officer. Manohar has not been made an accused.

First Published: Jan 25, 2019 12:56 IST