Reportedly, Kurar Police, Mumbai has initiated legal proceedings against an individual accused of deceiving the complainant, Pradeep Parameshwarlal Banka, out of Rs 4.11 crore. The alleged fraud involved enticing Banka, a 62-year-old chartered accountant, with promises of lucrative returns on investments in the business.
Rajeev and Archana, partners of Indian Home Variation and Distribution LLP Company, are accused of soliciting Banka’s investment between 2010 and 2015, assuring substantial profits that were never delivered.
In his complaint to the police, Banka revealed that despite investing a significant sum, he received neither profits nor the return of his money. The complainant further claimed that the funds were misappropriated for personal use by the accused.
Taking swift action, Banka reported the matter to DCP Zone 12, leading to the registration of an FIR against Rajeev Merchant and Archana Merchant under sections 420, 406, and 34 of the IPC.
The investigation is currently in progress as authorities work to uncover the details of the alleged fraud.
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