₹10 Crore Investment Fraud In The Name Of Artificial Kundan Jewellery Business, EOW Starts Probe |
Mumbai: A large‐scale investment scam involving ₹10 crore has come to light, leading to the registration of an FIR under Sections 316(5), 318(4), and 3(5) of the Bharatiya Nyaya Sanhita (BNS).
Between July 1, 2022 and the present, K.S.K. International Firm and its partners Sushil Jain and Priyanka Jain allegedly lured investors by claiming that the firm urgently needed huge business funds for manufacturing Artificial Kundan Jewellery and business expansion.
According to the FIR, the accused convinced the complainant and investor Shailesh Shah of ‘S Mahendrakumar Devichand’ to invest money by promising future partnership in the firm, 10% equity shares, get 12% interest on investment and also get 50% share in profits.
A written agreement was also executed. Believing the promises, the complainant invested ₹8 crore, while Shailesh Shah invested ₹2 crore totaling ₹10 crore. However, investigation has revealed that instead of using the money for the business as agreed, the accused diverted the funds to their personal accounts and misused them for their own benefit, thereby cheating investors of the entire ₹10 crore.
Based on Prilimanery enquiry completed by the Economic Offences Wing (EOW), the L.T. Marg Police Station registered the FIR and subsequently transferred the investigation to EOW for further action.
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