A Mumbai couple has been arrested for allegedly orchestrating a Rs 6.71 crore import-export investment fraud, promising high returns to unsuspecting investors.
Key Points
- A Mumbai couple, Siddharth and Tejal Poladia, have been arrested for allegedly defrauding eight people.
- The couple allegedly cheated investors out of Rs 6.71 crore through a fraudulent import-export scheme.
- Victims were promised high returns on their investments in the import-export business.
- The scheme involved an import-export licence service, with initial returns paid to gain investors' trust.
- The couple claimed the invested money was used for drugs when investors stopped receiving returns.
A couple has been arrested for allegedly cheating eight persons of Rs 6.71 crore after promising them high returns in an import-export scheme, a Mumbai police official said.
The Kasturba Marg police station official identified the accused as Siddharth Khushal Poladia and his wife Tejal Poladia.
"They were arrested on the complaint of Borivali resident Hiren Shah, who is a clothes trader. His relatives Chirag Shah, Sachin Shah and Minesh Shah were also duped. Others who have been cheated are Santosh Shukla, Nilesh Pandey, Hardik Lapasia and Kartik Lapasia," the official said.
The complainant invested Rs 5 lakh and received monthly returns, following which he invested Rs 1.4 crore, the official said.
Investigation Details
"Others also put in money in the import-export licence service scheme floated by the accused, taking the total investments to Rs 6.71 crore. When the investors stopped getting returns from August last year, the couple told them the money had been invested in drugs. This statement is being verified," the official said.
Further probe is underway, as per police.
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