The police said that the accused and the complainant resided in the same locality and knew each other.
The officer added that the foursome had floated an investment firm for managing the investments, the police said.
A police officer said that since 2015, till date the accused lured the victims with lucrative returns on their investment viz. 5 per cent per month and told them that they shall invest the same amount in the share market as well as investment in the forex.
The accused also promised the victims that even if they suffer losses in the share market that will not affect them much as they have the fixed deposits in the banks in the form of gold and that they shall get good returns from it. But in the meantime, the accused failed to return their investments.
To convince the investors, the accused told them that they could face problems with the income tax but they shall deal with them also.
The complainant in the case invested a total of Rs 39 lakh whereas he was returned Rs 8 lakh but the accused did not return the other investment amount nor the interest.
The police said that the accused thus cheated a total of 54 people to the tune of over Rs 9.19 crore approximately. The police said that this could just be the tip of the iceberg and the total number of victims and the amount could go up as the investigation progresses.
A case has been registered with the Kalwa police station under cheating , criminal breach of trust of Indian penal code and other sections of Maharashtra Protection of Interest of Depositors (MPID) Act.