According to an official on Monday, police have filed a case against nine people for allegedly defrauding a 42-year-old Navi Mumbai resident and other people out of ₹ 2.97 crore by promising them large returns on a variety of investment schemes.

According to a Sanpada police station official, the accused used the money from the woman and the other victims to buy shares and both movable and immovable properties over the course of the previous three years.

However, he claimed that the accused did not deliver any profits or reimburse the victims for their investments.

The woman, who lives in the Navi Mumbai township’s Seawoods neighborhood, complained to the police on Sunday.

Based on that, the police filed a case under pertinent sections of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, the Prize Chits and Money Circulation Schemes (Banning) Act, the Banning of Unregulated Deposit Schemes Act, and the Indian Penal Code against nine individuals.

The police said that the case was being investigated.