Mumbai Investment Scam: 11 Booked for Cheating with Double Return, Insurance Promises
Mumbai, 25th June 2025: The Malad Police have booked 11 directors of a private firm, Secure Agro Health Care Company, for allegedly duping multiple investors by luring them with false promises of double returns and free health insurance benefits.
The FIR was registered after 65-year-old Ashok Zagade, a resident of Malad, lodged a complaint stating he had invested ₹5 lakh in the company in 2019. According to the complaint, directors of the firm assured him of double returns on his investment along with a free health insurance cover of up to ₹5 lakh.
Zagade, who was personally acquainted with some of the company’s directors, stated that several other individuals were similarly convinced to invest sums for periods ranging from five to seven years under the same scheme. However, neither the promised profits nor the health insurance benefits were provided.
When investors demanded their money back, the company failed to repay the amounts, raising suspicions of fraud. Realising he had been cheated, Zagade approached the Malad Police, leading to the registration of a case.
The accused have been charged under multiple sections of the Indian Penal Code including 120(B) (criminal conspiracy), 34 (common intention), 406 (criminal breach of trust), 420 (cheating), 467 and 471 (forgery). Additionally, sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) in Financial Establishments Act have also been invoked.
Police have launched an investigation into the company’s operations and financial records. Officials urge more victims to come forward if they were similarly duped under false investment and insurance promises.
