Mumbai: The Economic Offences Wing (EOW) of the Mumbai police registered an offence of cheating against the director of an investment company and a stock market sub-broker for cheating several investors of a cumulative Rs 12.7 crore under the pretext of high-return investments.
Police booked Partik Shankar Harshora, director of Rudh Investment and Mahakali Investment Company, under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, (MPID Act).
The complainant, Abhishek Pankaj Barot (36), alleged that Harshora (38), proprietor of Rudra Investment and Mahakal Investment, misrepresented himself as a sub-broker of Nirmal Bang Company and lured investors by promising a 6% monthly return on stock market investments. Several people were lured by his rosy pictures of high returns and invested huge funds.
Harshora convinced Barot, one of the complainants, to invest Rs 1.81 crore, assuring lucrative returns. However, after receiving the funds, he neither returned the principal amount nor the promised interest. Additionally, he defaulted on loan and credit card payments linked to the scheme.
Further investigations revealed that at least 20 other investors lodged similar complaints, all alleging they were duped by Harshora’s fraudulent scheme. The Dahisar police station registered an FIR on May 21, 2024, and as the amount involved in the scam runs into several crores, the case has been transferred to the EOW.
Despite the serious allegations, Harshora has not yet been arrested. Given the scale of the fraud, authorities are likely to pursue financial crime charges under the Bharatiya Nyaya Sanhita (BNS) and other relevant sections of the laws.