Financial Fraud in Pune: Investor Loses Rs 1.3 Crore in Stock Market Scam

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Pimpri Chinchwad, 25th February 2024: Between December 1, 2022, and February 23, 2024, an individual fell victim to a scam, losing an amount totalling Rs. 1 crore 30 lakh 38 thousand, under the false promise of investment in the stock market.


A complaint has been filed by Deepak Anant Awate, a 35-year-old Mahalunge resident, at the Wakad Police Station. A case has been officially registered against Vishwabhushan Valmiki Gaikwad, a 24-year-old resident of Pimpri, and Kulbhushan Valmiki Gaikwad, a 23-year-old resident of Pimpri.


As per the police investigation, the suspects earned the complainant’s trust and engaged in a series of agreements with him. Consequently, the complainant was compelled to transfer funds into the bank account associated with We Task Academy and Aspire Enterprises. A sum of one crore three lakh 38 thousand rupees was deposited by the complainant with the intention that the accused would invest the funds in the stock market.


In return, the accused purportedly transferred 41 lakh 65 thousand 370 rupees to the complainant as interest. The complaint alleges that subsequently, the accused duped the complainant by refusing to repay the initially provided amount, resulting in a total loss of 1 crore 30 lakh 38 thousand rupees. The Wakad police are currently investigating the matter.