1. Mumbai police set up refund unit for victims of investment frauds

Mumbai police set up refund unit for victims of investment frauds

The Economic Offences Wing (EOW) of Mumbai police has set up a `refund unit' to distribute Rs 40 crore to 35,000 investors who were cheated in various bogus `Ponzi' schemes.

By: | Mumbai | Published: June 1, 2017 1:40 AM
investment frauds, Ponzi' schemes,  Economic Offences Wing, Refund for victims of fraud investment,  The special court for Maharashtra Protection of Interest of Depositors Act has ordered sale of assets of nine firms which are accused of cheating investors, and distribute the proceeds to the victims. (PTI)

The Economic Offences Wing (EOW) of Mumbai police has set up a `refund unit’ to distribute Rs 40 crore to 35,000 investors who were cheated in various bogus `Ponzi’ schemes. The special court for Maharashtra Protection of Interest of Depositors Act has ordered sale of assets of nine firms which are accused of cheating investors, and distribute the proceeds to the victims. EOW is investigating cases against nine companies including Cosmos Publicity, KokanPark, C U Marketing, Symatic Finance, Adventure Group, VJS Group, Parle Finance and Shivanand Finance. Many of the victims were retired persons who had invested their life’s savings in the fraudulent schemes run by these companies, police said. Following the court’s order, EOW has set up a refund unit at Traffic Training Institute at Byculla here. The investors cheated by these companies should visit the cell with documents, police said.

 

  1. C
    Chandrakant Gawande
    Jul 30, 2017 at 12:37 pm
    How money is being distributed. With what proportionate it is distributed. What about the firm owner/builder who cheated the investor whether get punishment and put behind the bar? Please clarify. My age is 75 and mother tongue is Marathi
    Reply

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