Maharashtra: Five persons get 5 years RI in cheating case

special Maharashtra Protection of Interest of Depositors (MPID) Act court sentenced five people, including a couple, to five years of rigorous imprisonment for duping 300 investors of Rs 10 crore. While accused couple Narayandas and Nalini Thakkar  have been fined Rs 2 crore each, ors were fined Rs 1 lakh each.

court also ordered m to refund 75 percent of amount y owe to investors. offence under section 420 (cheating) of IndianPenal Code and relevant provision of Maharashtra Protection of Interest of Depositors Act was duly proved against accused, court said.

court also observed that Thakkars h been absconding for last 15 years after y fled to Africa. Special public prosecutor (MPID) Vivek Ku informed court that accused, who owned a grocery shop, lured investors with promise of high returns from export business of medicines in Africa and cheated m.

After case was registered, Thakkar couple h filed an affidavit taking responsibility for ir actions and agreed to pay back investors by selling ir property. Although crime was registered in 2004, property was sold after almost 10 years and Rs 5.92 crore was transferred in account of a competent authority for disbursement towards 75 per cent of amount to concerned investors.

As per legal sources, this is perhaps a unique case, wherein all investors are likely to get back ir money. Thane collector and prosecutor also received praise from Special MPID court for ir work in case.