CA Duped of Rs.4.11 Crore in Investment Scam; FIR Filed against Culprits

Kurar Police have filed an FIR against the individual who defrauded the complainant of Rs.4.11 crore by tempting him with high returns on investment in the business.

According to police reports, the complainant, Pradeep Parameshwarlal Banka (62), a chartered accountant, filed a complaint with the police alleging that Rajeev Merchant and Archana Merchant, partners in Indian Home Variation and Distribution LLP Company, had invited him to invest in their business. Had provided the promise of good earnings if done.

A police official stated that the complainant was influenced by these individuals and deposited approximately Rs.4.11 crore in their company. After making the investment, the accused did not pay the complainant any profit or return his money.

Banka stated in his complaint to the police that he invested this money between 2010 and 2015. Banka alleged in his police complaint that the money seized from him was used by the accused for personal gain.

Pradeep Parameshwarlal Banka filed a written complaint with the DCP Zone 12. Following the complaint, the Kurar Police, acting on the DCP’s orders, filed an FIR against Rajeev Merchant and Archana Merchant under Sections 420, 406, and 34 of the IPC.

The investigation is presently proceeding to determine the specifics of the alleged fraud and bring the defendants to justice.