Former MD of Nerolac Paint cheated of ₹ 59 lakh in the name of stock, police registered a case

Mumbai News: A 62-year-old retired executive of a paint manufacturing company in Mumbai has alleged that a man, who claimed to be a Chartered Accountant (CA), had cheated him by promising lucrative returns. He has been defrauded of ₹ 59 lakh. Police has registered an FIR in this matter. Complainant Harishchandra Bharuka informed the police that in November 2019, when he was working as Vice Chairman and Managing Director in Kansai Nerolac Paints Ltd, his administrative manager Ramesh Shengge introduced him to Ramakrishna S Iyer. Bharuka retired from Kansai Nerolac Paints in March 2022.

Husband-wife together had invested Rs.59 lakhs.

The complainant was told that Iyer was a stock broker and had offered to sell shares of National Stock Exchange (NSE) with United India Insurance Limited. Iyer told him that he wanted to sell 6 lakh shares at ₹841.36 per share. Bharuka told him that he was not very keen on buying the shares. However, Iyer showed him the profit made by others and also told him that he would give the shares at a cheaper rate so that he could make more profit. Initially, Bharuka invested ₹44 lakh, later his wife Parvati also invested ₹16.5 lakh. The police officer said the couple transferred the amount to the bank account of Iyer’s wife Savitri.

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accused disappeared from contact after asking for money

A police officer of NM Joshi Marg police said, "We have registered a case against Ramakrishna Iyer and his wife Savitri under sections 420 for cheating, 406 for criminal breach of trust and 34 for common intention of the Indian Penal Code (IPC)." Police officials said that Iyer and his wife have cheated many others in a similar fashion.

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