Thane | The Navi Mumbai police have registered a case against five persons for allegedly cheating several people after promising “unsustainable” returns on their investment, an official said on Friday.

The accused claimed that they belonged to a company named “SPVS” and asked the victims to indulge in “share trading” through them, the official said.

The accused promised to double the money in a year if a client invested Rs 1 lakh besides selling many other “attractive” schemes that the police said were “unsustainable”.

However, the investors did not get any returns even after paying huge sums, he said.

Acting on several complaints, the newly established Financial Intelligence Unit of the Navi Mumbai police registered a case against Sachin Dongre, Vikas Nikam, Bhagwan Kondalkar, Deepali Kondalkar, and Sagar Borate under the Indian Penal Code for cheating and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.

The company's offices at Vashi and Mhape were found to be locked, he added.