Pricepaidforhighreturns: 700 lose₹40cr toa‘realtyscheme’
Investors sold homes, took loans to get 1.5 times the amount in 100 days
the scheme, thus attracting more people.
“Seven hundred people invested in the scheme in cash. Most of them didn’t even get a receipt. Raeesa, the mastermind, used to tell investors that even if the scheme failed, she can easily return the money using the insurance policies her first husband opened in her name,” an official said.
The investments made were in the range of ₹50,000 to ₹40 lakh. When investors started to ask about the returns after 100 analyst, chartered accountant or other investor
Read the fine print (terms and conditions) and make sure you understand every potential aspect of your investment
Don’t opt for a scheme that promises a reward for recruiting more members. Such schemes come to a halt when promoters either default on payment or run away with the money.
Always check for registration credentials of the company before investing in it
Every non-banking finance company has to be registered with the Reserve Bank of India
Check the corporate affairs ministry's database for any information about a company. If you can’t find the companies in the database, avoid it. days, Raeesa would come up with some excuse. “Most investors are from poor families. Some of them sold their homes, while some took a bank loan to invest,” said another official.
As the investors approached the Santacruz police, the senior brass transferred the case to the EOW, as it would need a dedicated probe. The police have booked the four under relevant sections of the Indian Penal Code and Maharashtra Protection of Interests of Depositors (MPID) act.
The police have, so far, recovered ₹5.86 lakh from the accused.
“We are checking if they invested the money in properties. If such details crop up, the properties will be attached. EOW is in the process of seeking their custody,” another officer said.