The Pimpri Chinchwad Police’s Economic Offences Wing (EOW) has arrested two individuals, Sandip Kumar (44) and Seema Mittal (36), both residents of Noida, Uttar Pradesh, for their alleged involvement in a massive investment fraud amounting to Rs7 crore. The duo is accused of deceiving 732 people through a fraudulent investment scheme that promised high returns from renting out commercial three-wheeler vehicles.
The scheme, which was marketed by the suspects, enticed investors with the promise of earning Rs31,000 per month by investing Rs4.20 lakh for a three-wheeler vehicle, which would be rented out and maintained by the company. Investors were led to believe they would receive regular monthly payouts along with additional benefits such as gold and silver coins.
A victim of the scheme shared his experience, explaining that the company had shown him a vehicle and told him it was his. The company then completed loan formalities for the victim and obtained a loan of Rs3.66 lakh in his name. However, when the payments stopped, and the company ceased operations, the investor was left with a significant financial loss. The company, which had offices in Wakad, Pimpri Chinchwad, Pune, New Mumbai, and Ahmednagar, shut down its offices and fled, leaving investors without returns on their investments.
According to Sandeep Doiphode, Deputy Commissioner of Police, Pimpri Chinchwad, the suspects had been operating this fraudulent scheme across multiple cities. The investigation revealed that Sandip Kumar and Seema Mittal had fled Maharashtra after shutting down their offices and moved to Noida, where they were apprehended.
The total fraud amount, based on the investigation so far, is approximately Rs7 crore. In addition to the financial scam, the suspects had stored the investors’ three-wheeler vehicles in a godown in Thergaon. So far, 37 vehicles have been returned to investors, with 24 more vehicles set to be returned, pending court permission.
The arrested suspects are currently in police custody, and further investigation into the case is ongoing.
