Maharashtra: Five persons get 5 years RI in cheating case

The 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 the accused couple Narayandas and Nalini Thakkar  have been fined Rs 2 crore each, others were fined Rs 1 lakh each.

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

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

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

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