Mumbai couple loses Rs 72 lakh in forex trading fraud; one held, two still at large
Mumbai (PTI): The Mumbai police have arrested a man for allegedly cheating a couple of Rs 72 lakh in a forex trading fraud, officials said.
A search was underway for two other accused individuals -- a man and his son -- in the case, they said.
The victims in their police complaint said they got in touch with the accused three years back.
The three accused told the couple, residents of Borivali in Mumbai, that they were major investors and ran a successful forex trading business. They claimed that many people had invested with them and earned significant returns, an official from Kasturba Marg police station said on Tuesday.
Trusting their assurances, the couple invested Rs 72.5 lakh in instalments between April and August 2022.
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Initially, the accused paid them some amount, but later stopped making payments. When questioned, they promised to repay the principal amount along with returns. But the cheques they issued bounced, and the accused stopped answering calls, the official said.
Following this, the victims filed a police complaint, based on which a case had been registered against the accused for criminal breach of trust, cheating, and other relevant charges.
The three accused went absconding soon after the case was registered, the official said.
The police managed to arrest one of the accused, Rajendra Nerlikar, on December 6 after tracking him for nearly two years, he said.
During interrogation, he confessed to luring several people in Mumbai and Kolhapur into forex trading investments and cheating them, the official said.
Search was on for the two other co-accused, hailing from Kolhapur, the police added.
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Karnataka fast-tracks investment approvals, cuts red tape across key clearances: Minister Patil
Bengaluru (PTI): Karnataka Minister M B Patil on Saturday said the state government has fast-tracked approvals for investment projects and taken measures to cut red tape.
He said that since 2022, Karnataka has approved 2,028 projects worth Rs 5.11 lakh crore, which could create 7.16 lakh jobs.
Of these, Rs 69,564 crore has already been realised, generating 1.06 lakh jobs, he added.
“Karnataka fast-tracks approvals, cuts red tape,” the Minister for Large & Medium Industries said.
“Clear results of our government’s push to speed up approval processes are now evident. Not only have investment agreements been secured, but effective implementation is also underway,” he said in a post on X.
He added that simplified and swift approval processes are boosting investor confidence and providing greater impetus to industrial growth across the state.
“Karnataka’s investment-friendly environment is further strengthened by its culture of ease of doing business,” he said.
Noting that Karnataka is fast-tracking approvals and aligning departments and districts for on-ground delivery, the minister said: “We have overhauled 18 key approvals, cutting land use change clearance time from 120 to 45 days, fire NOC from 60 to 21 days, factory plan approvals from 30 to 14 days, and electrical approvals to just 10 days.”
In a competitive landscape, Karnataka is acting decisively to ensure faster decisions, fewer delays, and a truly pro-industry ecosystem, he added.
