Thane, February 27 A case has been registered against two men in Thane city, Maharashtra, for allegedly defrauding 12 people of ₹1.78 crore by luring them to invest in a bogus share market scheme promising high returns, police said on Friday.
Based on a complaint lodged by a woman from Bhandup in neighbouring Mumbai, the Thane police have registered a case against Sagar Subodh Karivadekar, a resident of Sindhudurg, and Sachin Balkrishna Rane of Thane, under sections 318(4) (cheating), 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act.
An official stated that the duo allegedly persuaded the complainant and 11 others to invest in a share market scheme they had floated between October 15, 2021, and December 30, 2025, promising lucrative returns.
The complainant alone had invested ₹26 lakh in the scheme, he said.
However, the accused allegedly failed to return the invested sum, defrauding the complainant and others of ₹1,78 crore over the last five years, the official said, adding that no arrests have been made so far.
