Thane: The Economic Offences Wing of Thane arrested a man for duping over 500 investors of Rs 16.5 crore in a fraud investment scheme. Cops suspect that there could be more victims in the ponzi scheme. The police said that the accused, Chetan Dand, floated an investment company called Desar with various schemes being advertised on various social media platforms since 2014.
It is learnt that there was a huge outcry by investors on social media against the scamsters as they siphoned off money worth millions of rupees from investors. “Dand had promised the investors good returns. When the investors started demanding their interest as well as money back, Dand and his accomplices gave various appalling excuses,” said a police officer. — Nishikant Karlikar