PANAJI: Economic offence cell of the Goa police probing multi-crore investment fraud by Kamakshi Forex has issued lookout notices against Nilesh Raikar and his mother Rekha Raikar both directors of the business concern.
Last week, the EOC registered an offence under criminal breach of trust, criminal conspiracy and cheating against Nilesh Raikar and directors of Kamakshi Forex for swindling crores of rupees from several depositors.
Stating that Nilesh Raikar and his mother Rekha Raikar have been untraceable, the police said that they have been looking into the role of Nilesh’s wife Neelima who has also been untraceable.
The lookout notices have been issued at police stations in the state and in neighboring states.
The police said so far around 210 complaints have been lodged by investors in connection with the fraud, which runs into over Rs 20 crore.
The firm has permission from the Reserve Bank of India to run foreign currency exchange but not for collecting and depositing money, the police said.
The firm has three offices: the main office is in Margao while the other two are in Calangute and Panaji.
The police have conducted searches at the firm’s offices in Calangute and Panaji and attached laptops and documents.
The fraud came to light a few days ago when the post-dated cheques issued by the main accused Raikar to some of the investors bounced. The investors found that the Kamakshi Forex office in Margao was closed. The FIR was lodged based on the complaints lodged by the depositors. The accused allegedly hatched a criminal conspiracy and collected deposits in the form of foreign and Indian currencies at Kamakshi Forex, Margao. The investment was for a period of one month to five years with the promise of high returns.
However, the accused allegedly misappropriated the money of several depositors. The EOC has registered an offence under sections 406, 420, 120 B of the Indian Penal Code against Nilesh Raikar and the directors of Kamakshi Forex.