The Economic Offences Wing (EOW) of Mumbai Police on Thursday has arrested 60-year-old director of Malad-based Shree Ramanjaneya Leasing and Finance Pvt Ltd for duping more than 500 investors.
Investigators have attached 10 properties of the company collectively worth Rs 400 crore. This includes a five-star hotel in Panaji, Goa, and another hotel in Malad.
The arrested person is Pratibha Shetty aged 60 years, director of the private company and resident of Malad in Mumbai. She has been remanded in police custody till October 16," said an officer. The cheating amount now stands at Rs 70 crore. Investigators have frozen 30 bank accounts belonging to the accused and their finance company.
Sunil Nagpal (52), a real estate broker from Virar lodged a complaint against the directors, Ganesh Shetty, Jayant Shetty, and Harish Shetty, among others last December with Malad police alleging that the company had promised to give them 18% interest on investment, but reneged on the payment. Nagpal, in his complaint, alleged he had been cheated of Rs 45.7 lakh. The case was transferred to the economic offences wing in January.
The company had promised to give them 18% interest on investment, but failed to pay any interest. Police have learnt there are over 1,500 investors.
A team led by deputy commissioner of police Parag Manere and officers Rajendra Sangle and Ashok Sharmale are investigating the case. The accused have been booked under the Maharashtra Protection of Interest of Depositors (MPID) Act under which EOW usually attaches and auctions the properties of the accused to recover the investors' money.