Police have registered a case against two persons, including the owner of a firm, in Thane district of Maharashtra for allegedly cheating 30 investors to the tune of nearly Rs 32 crore on the promise of handsome returns on investments, an official said on Friday.

The case was registered against Parag Thakker, proprietor of Indo Pacific Global Services Company and its manager Sagar Chinnarampelli at the Narpoli police station, he said.

"Between January 2022 and February 2023, the accused lured people into investing in their firm and promised to give 12 per cent returns on investments," the police official said, quoting the complaint.

"A total of 30 people invested money in the range of Rs 50 lakh to Rs 1 crore each into the company. The accused issued promissory notes to the investors and later gave cheques. But the cheques bounced as the bank accounts were already frozen," he said.

After realising that they have been cheated to the tune of Rs 31.95 crore collectively, the victims approached the police and lodged a complaint, he added.

An offence under Indian Penal Code (IPC) section 420 (cheating), 406 (criminal breach of trust) and 34 (common intention) was registered on Friday, but no arrest has been made so far, the police said.

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