2 held for duping 430 investors of ₹32 crore

MUMBAI: The Sakinaka police arrested two persons and busted a racket involving an investment firm,whichcheated430 investors to the tune of ₹32 crore.

According to police, Quirky Technology Private Limited was launched in March last year, after which, its employees were asked to invest money and get more people to do so.

The arrested people consist of Sumit Sharma, the CEO of the firm, and Sumail Khan the vice president of Quirky Technology Private Limited. Police are on the lookout for Rahul Saxena, who is said to be a crucial witness in the case.

“The investors were told they would get 10% of their deposit every month,” said Navinchandra Reddy, deputy commissioner of police, Zone 10.

Police said the firm initially paid the interest to 1,000 members, but later started defaulting.

“They received their interest till January, but started defaulting after that. In July, they defaulted the amount of almost all investors,” said a police officer from Sakinaka police station.

Till now, 430 persons have approached police, on record, who have been cheated to the tune of around ₹32 crore. Police sources said they are expecting more complaints in the case.

The total amount of fraud is expected to cross ₹50 crore as they had three different branches at in city and Navi Mumbai.