Around 15 people from the city filed a complaint at Vashi police station against Amol Chavan and C.MOS Finance Company. The company had placed ads in local newspapers and distributed pamphlets near railway stations announcing that the company was giving loans up to Rs 6 lakh on a mortgage basis. 

The company was based in sector 2, Vashi. "I and my friends approached the company for loans. The company put up a clause that we had to keep 5 percent of the amount needed as loan as fixed deposit with them. We gave cheques for thousands by way of deposits and loans never came,"said Satyam Menon, one of the complainants. The company officials are now on the run, with police on their trail.

Raina Assainar/ DNA-Daily News & Analysis Source: 3D Syndication