Ponzi-Like Scheme Exposed in Pune: Investors Trapped with Fake Stock Market Returns, Duped of Rs 9.5 Crore
Pune, 20th March 2025: A case of large-scale financial fraud has come to light in which three individuals, including a retired businessman, were duped of ₹9.5 crore by being promised lucrative monthly returns higher than mutual funds through stock market investments. Considering the magnitude of the fraud, the investigation has been transferred to the Economic Offences Wing (EOW), with Police Inspector Santosh Khetmalas leading the probe.
In connection with the case, Nitin Vasant Dake (57), a resident of Shukrawar Peth, filed a complaint at Nanded City Police Station. Based on his complaint, the police have registered a case against Rajesh Ramgulab Kumar alias Raj Kotaria and Vandana Bhimrao Shirsat, a resident of DSK Vishwa in Dhayari, under the Maharashtra Protection of Interest of Depositors Act. The fraud occurred between October 2022 and October 2023.
According to police, complainant Dake was previously a partner and director in a company and is now retired. His introduction to the accused, Raj Kotaria, came through a neighbor who conducted stock market training sessions. In 2021, Dake himself attended Kotaria’s training and was lured into investing with promises of an eight percent monthly return—a rate significantly higher than mutual funds.
Trusting Kotaria, Dake gradually invested a staggering ₹21.5 crore in the account of co-accused Vandana Shirsat. However, Kotaria returned only ₹13.86 crore to him.
By October 2023, when Dake visited Kotaria’s office in DSK Vishwa, he was told, “A complaint has been filed against me regarding investment advertisements, and SEBI has issued a notice. Due to this, I have halted all refunds. However, I will return your remaining money in full by April 2024.”
Dake maintained contact with Kotaria, but after a few days, all communication stopped. Sensing something was amiss, he visited Kotaria’s office again, only to find that the accused had absconded after shutting down operations.
Investigations revealed that Kotaria and Shirsat had similarly defrauded two other investors of ₹1.09 crore. Altogether, the accused swindled ₹9.5 crore, including ₹8.41 crore from Dake alone.
Police have launched a search operation to trace the accused.
