2,000 Investors Duped in Rs 42 Crore Scam in Pune, Police Conduct Raids

Pune, 18th April 2026: The Economic Offences Wing (EOW) of Pune Police has registered a case against the directors of a private company for allegedly cheating investors of around Rs 42 crore by promising high returns on investments.

The accused have been identified as Santosh Bandal and Dnyaneshwar Choraghe, directors of Valentina Industries. The action follows a complaint filed with the EOW, after which police initiated an investigation and carried out searches at multiple locations linked to the accused.

According to police officials, the company operated from an office located on Karve Road. A police team conducted a raid at the office premises and later searched the residences of the accused in Salisbury Park and Bibwewadi areas on Saturday evening.

Preliminary investigation revealed that the accused had lured investors with assurances of attractive returns on investments in their company. Between July 2022 and April 2026, they allegedly collected large sums of money from investors. While initial returns were paid to gain trust, the payments were later stopped.

Officials said that nearly 2,000 investors are suspected to have been duped in the scheme. Based on the findings, a case of cheating has been registered against both directors, and further investigation is underway.

Deputy Commissioner of Police (EOW) Vivek Masal confirmed the development and said the probe is being carried out to trace the financial trail and identify the full extent of the fraud.