Mumbai, August 4: The Kalyan police recently booked a 40-year-old man for allegedly duping several investors by promising them 80 percent returns. Police officials said that the accused duped several people from Kalyan and Thane by assuring them a whopping 80 percent returns on their investment. The accused is said to have duped the investors for an estimated Rs 9 crore.

An officer said that the accused did not return even the principal amounts to his investors. The accused has been identified as Darshan Paranjpe, a resident of Kalyan, reports the Hindustan Times. A police official said that the accused would lure customers by explaining to them the importance of the stock market. The officer also said that the accused reportedly promised lucrative returns on investing in stocks. New Online Fraud in Mumbai: Woman Loses Rs 2 Lakh After Cyber Con Posing as Her Employer Makes Her Purchase Gift Cards, FIR Lodged.

Officials of Bazarpeth police said that the accused projected himself as a rich man due to his investment in shares. An officer privy to the case said that Paranjpe would invite people to give him their money which he would invest in shares. He promised to share returns of up to 80 percent with them on their investment.

The incident came to light when a man who was allegedly duped by Paranjpe approached cops. Last year, a 56-year-old retired man from Pune invested his life savings and retirement fund worth Rs 1.65 lakh after falling for Paranjpe's quick-rich scheme. When the man asked the accused to return his money, Paranjpe gave false answers and after a while even started ignoring the victim. Online Fraud in Mumbai: Fraudsters Ask Malabar Hill Woman To Pay Rs 10 To Change Her Name on Goa Flight Ticket Online, Swindle Victim's Account of Rs 1.84 Lakh in Eight Transactions.

Cops said that several investors who were reportedly duped by Paranjpe approached them. Police officials said that the accused reportedly duped hundreds of people for an estimated sum of Rs 9.64 crore. Acting on the complaints, the police registered a cunder IPC section 420 against Paranjpe and started an investigation into the matter.

(The above story first appeared on LatestLY on Aug 04, 2023 07:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).