PANAJI: The Economic Offences Cell (EOC) of the Goa Police has registered a case against two Pune-based companies, Soil Properties & Infra India Ltd. and Soil Properties & Estate India Ltd., for allegedly cheating Goan investors of around Rs 7 crore through fraudulent deposit schemes.
Between 2014 and 2019, the companies’ chairman, directors, executives, and branch manager allegedly enticed investors to put money into recurring deposit (RD) and fixed deposit (FD) schemes, promising high returns and complete safety of their investments. Convinced by these assurances, several Goans, including the complainant, invested substantial amounts through the firms’ Goa branch at Dempo House, Patto, Panaji.
Police said the accused later misappropriated the collected funds for personal gain and defaulted on returning the principal and interest upon maturity. The firms eventually shut down the Panaji branch and absconded without any notice, leaving investors in financial distress.
The EOC has registered the case under Sections 406, 409, 420, and 120B read with Section 34 of the Indian Penal Code, and Sections 3 and 5 of the Goa Protection of Interests of Depositors (in Financial Establishments) Act, 1999. Further investigations are underway.
