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An offence has been registered against the owner of a jewellery store in Maharashtra's Thane district for allegedly cheating investors of over ₹1.56 crore, police said on Wednesday. The city police on Tuesday registered a case under section 420 (cheating) and other relevant provisions of the IPC and the Maharashtra Protection of Interest of Depositors (MIPD) Act against the owner of S Kumar Gold and Diamond in Kalyan, an official said.
The jeweller allegedly accepted deposits from investors for a fixed period and promised them lucrative returns, but never returned the invested amount or paid the interest on it, the official from Mahatma Phule chowk police station said. The accused later closed the shop and absconded, he said, adding that a complaint was lodged by some of the investors. More than 20 persons have allegedly been cheated and the number is likely to grow once the other victims come forward, the official added.
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