Pune: Father-Son Duo Dupes 38 People of Over Rs 1 Crore in Chikhali Investment Scam

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Chikhali, 6th May 2024: A father-son duo informed several others that they had opened Demat Accounts for them to invest in shares. In this scheme, they duped around 38 people of more than Rs 1 crore 10 lakh for their financial gain. This incident occurred from 2015 to May 2024 in Purna Nagar, Chinchwad.

Suhas Bajrang Shejwal (aged 56, resident of Purna Nagar, Chinchwad) has complained to the Chikhali Police Station regarding this case. Chikhali Police have registered a case against Prashant Sitaram Khade and Sitaram Khade, both residents of Khatav Taluka in Satara.

According to police reports, the accused father-son duo colluded with each other and informed 37 colleagues of the complainant that they had opened demat accounts for them to invest in shares, thus earning their trust. They received Rs 10,38,000 from the complainant and Rs 1,00,90,000 from the complainant’s other 37 colleagues, totalling Rs 1,12,28,000. Initially, the accused duo provided returns on the investments. However, once the trust was established and the complainant and his colleagues invested larger amounts, the duo ceased providing returns. Additionally, the duo provided fake certificates of the LKP company, further defrauding them.

In response, Chikhali Police have registered a case against the duo under IPC Sections 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property), and 34 (acts done by several persons in furtherance of common intention). Police Sub Inspector Mulik from Chikhali Police Station is further investigating this matter.