Mumbai: The economic offences wing (EOW) has arrested a 32-year-old man for duping over 500 poor people by promising them 77% return on their investment in a year-and-half. The accused, an MBA dropout from a reputable London college, is now in Arthur Road jail.
EOW insiders said the accused, Naushad Shemle, son of a retired navy officer, duped housewives, commission agents, taxi drivers and hundreds of others from the low-income strata. The police found Shemle duped investors of Rs 1.62 crore.
Ganesh Sherkhane, an insurance agent, had lodged a complaint with the EOW alleging Shemle had duped him of over Rs 3.55 lakh. A police officer said Shemle floated a firm, Success Job Marine and Multi Services, in Belapur and lured customers with the promise of high returns.
“In March 2013, Shemle came up with an investment plan that whoever invests Rs 33,500 in his firm will get a return of Rs 1,500 per month for 18 months and one tola of gold,” the officer said. “While Rs 30,000 was calculated as the current value of one tola gold, Rs 3,500 was calculated as service charge and 10% value of one tola gold.”
While some people invested Rs 33,500 and started getting a monthly instalment of Rs 1,500, most people invested only Rs 3,500.
“Shemle promised those who paid Rs 3,500 would get Rs 27,000 as returns in a yearand-half, while others who went for the full Rs 33,500 would get Rs 27,000 and one tola gold. Many people either took loans from their friends and families or mortgaged their ornaments to get high returns. After issuing some instalments as returns, Shemle stopped giving money in November. The investors began chasing three agents hired by Shemle. The agents had to sell their properties to repay the investors.”