Pune Police Face Criticism Over Slow Pace of Investigation in Rs 50 Crore Fraud Case Against Builder Amit Lunkad

Pune, 23rd January 2025: Multiple investors have filed complaints with the Pune City Police’s Economic Offences Wing (EOW) against builders Amit Kantilal Lunkad, Amol Kantilal Lunkad, and Pushpa Kantilal Lunkad, alleging fraud of over Rs 50 crore. The accused are said to have lured investors with promises of high returns, up to 1.5% per month.
Numerous fraud complaints against Amit Lunkad and others have been received and are under investigation. However, the slow pace of the investigation has raised concerns among complainants.
Pune City Commissioner of Police Amitesh Kumar, when asked about the matter, stated, “I am not aware of this incident. I will look into it and respond.”
One of the primary complainants, Pravinchand Jain, invested Rs 6.81 crore in Lunkad Realty (now Sky One Corporate Park) in 2014-15. While initial returns were regular, irregularities began in 2019, with cheques bouncing due to insufficient funds.
Other significant complaints include those from Khinsara Chavan, who alleges fraud of Rs 26.70 crore, and Ashok Raisoni, claiming Rs 8.38 crore. Satish Selot and Deepak Lunkad have also filed complaints for amounts of Rs 1.22 crore and Rs 1.59 crore respectively.
Many complaints were filed in October and November 2024, but investors claim the EOW has been slow in recording statements and progressing with the investigation.
Deputy Commissioner of Police Vivek Masal, in charge of the Economic Offences Wing (EOW) and Cyber Cell, told Punekar News, “Currently, 11 complaint applications have been filed against Amit Lunkad. Earlier, there were around 30 complaint requests, but the complainants backed out during the process of recording their statements. Now, new complaints are being received, and we have started processing them. The accused was summoned previously, where he admitted to taking the money and promised to return it. Once the necessary procedures are completed and misconduct is established, a formal case will be registered.”
When contacted, Amit Lunkad said, “We humbly state that the allegations of fraud made against Lunkad Realty are false and misleading. We have legitimately and consistently paid interest with the deduction of TDS to our lenders for over a decade. These false allegations are being made with malafide intentions to extort exorbitant interest from Lunkad Realty.
We are being blackmailed into paying this exorbitant interest by making false allegations in their applications with the EOW and further being cornered to pay this exorbitant interest by defaming Lunkad Realty.
We are ready to issue our detailed statement alongwith CA certified accounts as well. We have also shown our bonafide intentions by our willingness to clear these accounts in a reasonable period of time.”