Sanpada police booked five individuals for allegedly running a fraudulent gold investment and finance scheme that cheated investors of over Rs 13.19 lakh. An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act.
False promise
The accused allegedly operated a financial scheme in which customers were encouraged to deposit gold ornaments and cash with promises of attractive returns and financial benefits. “The scheme was projected as a genuine gold finance and investment business, convincing several people to invest their savings and jewellery”, a police officer told mid-day.
Trust game
According to the complaint, the accused allegedly accepted gold and cash from multiple customers at their establishment in Sanpada between December 2024 and May 2026. Initially, some investors reportedly received small returns, helping the accused gain the trust of more people in the locality.
Payments stopped
After collecting large amounts of gold and money, the accused allegedly stopped returning deposits and failed to pay the promised returns. When investors approached them, the accused allegedly avoided them and eventually shut down the establishment.
The accused
- Ratna alias
- Jinendra Ostwal
- Hemlata Ostwal
- Lucky Ostwal
- Vaibhav Mehta
- Kamal Mehta
PoliceSpeak
An officer
‘Further investigation is underway to determine the total number of victims and whether more people were involved in the alleged fraud. Police are also verifying financial transactions and documents linked to the scheme. More complainants may come forward during the course of the investigation’
0 Comments