Pune Builder Amit Lunkad 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 Amit Lunkad 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 Amit Kantilal Lunkad, Amol Kantilal Lunkad, and Pushpa Kantilal Lunkad. Sky One Corporate Park (formerly Lunkar Realty) took money from numerous people in the form of deposits.

One of the complainants, Pravinchand Jain, has reported the Lunkads to the EOW. Jain claims that Kantilal Lunkad and his associates, after gaining his trust, convinced him to invest in various deposit schemes offered by Lunkad Realty. Amol and Amit Lunkad 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 Lunkads 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.

DCP Vivek Masal, in charge of the Cyber Cell and EOW, confirmed that multiple complaints of fraud by Amit Lunkad and others have been received, and an investigation is underway.