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States » West

Thane court sentences 5 to 5 yrs RI for duping investors

Thane, Jan 24 (UNI) A special court here on Friday convicted five people, including a couple and three brothers, under the provisions of Maharashtra Protection of Interest of Depositors (MPID) Act and sentenced them to rigorous imprisonment for five years.
However, the court acquitted another accused in the case.
Special public prosecutor Vivek Kadu told the court that the accused persons, who owned a grocery shop in the city, wooed the victims to invest with them and duped hundreds of them of their investment between 1998 and July 2003.

The accused fraudulently induced investors to invest in a new pharma company and collected crores of rupees from them, but they deliberately failed to repay the amount as agreed and thus cheated the investors, the court was told.

Most of the victims were the retired government employees.
Special MPID Judge P P Jadhav found the accused guilty under relevant sections of Indian Penal Code and MPID Act and awarded the sentence.
The accused are Narayandas alias Narendra Laxmidas Thakkar, his wife Nalini, Yadnesh Narayandas Thakkar, Manish alias Pappu Laxmidas Thakkar and Virendra Laxmidas Thakkar.

The court imposed a fine of Rs 2 crore each on Narayandas and his wife Nalini, in default, they will undergo additional one-year imprisonment.
Other three accused have been fined Rs 1 lakh each.
Another accused in the case, Devendra Laxmidas Thakkar, was acquitted by the court on the benefit of doubt.
UNI XR SS 2128
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Teen commits suicide in Nashik

18 Feb 2020 | 4:46 PM

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