Mumbai: The city’s Economic Offences Wing (EOW) is probing a case where a share trader assured investors of 4.5% monthly returns on their investment and allegedly cheated them of Rs 13 crore. The case was first registered at the Mulund police station and then transferred to the EOW for investigation. The crime occurred between January 24 last year and August 25 this year. “There are a total of 30 investors in this case,” said a police source.A 43-year-old Mulund businessman approached the police, stating that he invested Rs 10 crore after an eastern suburbs resident B Gada (35) assured him of a 4.5% monthly profit. Police said Gada told the complainant that he was trading in the share market and would invest the complainant’s money there. Police added that besides the complainant, 29 more people invested money with Gada, expecting monthly returns. However, when the investors did not get returns, they approached the police and an FIR was lodged.“The accused assured the investors that he would use the money for share trading. However, he did not use their entire money for share trading. He used a portion of it to give returns to investors and did not inform the investors about the losses suffered in the business. He took money into his account and used it to distribute among the investors as profit,” said an officer.Investigators are examining the financial records of the accused and collecting details about the allegations in the case.
