Pune Builder Accused of Defrauding Crores from Investors with Fake Deposit Promises, EOW Receives Many Complaints
Pune, 9th December 2024: Claiming to offer returns higher than the market rate, specifically 1.5% per month, builder collected large sums of money from various individuals. He has taken crores in the form of deposits, but for the past year, he has not returned any money. The Economic Offense Wing (EOW) of the Pune City Police Commissionerate has received multiple complaints, and an investigation into the matter has begun.
The complaints filed by depositors with the Crime Branch’s EOW have led to cases being registered against the builder who took money from numerous people in the form of deposits.
One of the complainants, Pravinchand Jain, has reported to the EOW. Jain claims that the builder and his associates, after gaining his trust, convinced him to invest in various deposit schemes offered promised returns higher than the market rate—1.5% per month. Jain, having borrowed money from multiple family members, invested a total of Rs 6.61 crore in 2014-15.
For the first few years, the returns were regular, but irregularities began in 2019. Despite repeated reminders, the money was not returned. On 24th September 2024, the builder gave cheques to Jain, assuring him they would clear. However, when presented, the cheques bounced due to insufficient funds. Jain claims that the total amount defrauded, including the invested money and promised returns, amounts to Rs 13.42 crore.
