The Dharavi police have booked three persons, including the chairman of a private company who was earlier arrested by the Goa Police Economic Offences Cell (EOC) in a similar investment fraud case, for allegedly duping a 51-year-old garment trader and his relatives of Rs 49.46 lakh by promising to double their money in 48 months through a cryptocurrency called “Biocoin” and a scheme named “Monthly Rental Income System”.
The case was registered on the complaint of Aamir Idris Khan, 51, a garment trader residing at Sai Baba Nagar on 90 Feet Road in Dharavi, who alleged that the accused lured him and his relatives into investing in the company’s schemes between 2019 and 2020. The group invested a total of R49.46 lakh, but the accused allegedly failed to return the promised returns or principal amount.
According to the police, the complainant was introduced to the investment opportunity by a friend who told him about the “Monthly Rental Income System” or “MRIS”. The company’s chairman too had doubled down and promised Khan about the attractive returns.
Trusting the assurances, Khan, his wife, brother-in-law and a friend invested a total of Rs 43 lakh through cheques and cash, with earlier investments in the crypto scheme the total amount racked up to Rs 49,46,800. The company initially paid Rs 20,000 per month for nine months, which strengthened the investors’ confidence. However, the payments allegedly stopped in 2020, after which the company’s Dharavi office shut during the COVID-19 pandemic.
Finally Khan later approached the accused at the company’s office in Kalyan in 2023, when they allegedly promised a R39 lakh settlement and issued cheques. While R4 lakh was credited, the remaining cheques bounced, which is when they approached the police.
Based on Khan’s complaint, Dharavi police have registered a case against Shivaji Walke, chairman, and its directors Ghanshyam Sharma and Shakeel Khan under relevant sections of the Bharatiya Nyaya Sanhita for cheating and related offences.
Rs 20K
Returns were initially given back for nine months
