Pune: Punawale Resident Cheated of Rs 50 Lakh With 1000% Return Promise

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Ravet, 30th May 2024: A person was cheated out of around Rs 50 lakh by being promised a 1000% return on their investment. This incident took place between April 7 and May 7 in Punawale through online channels.

A 30-year-old man filed a complaint at the Ravet Police Station, leading to a case being registered against an unknown individual.

According to the police, the accused contacted the complainant via social media, enticing him with the promise of a 1000% return in 100 days if they invested in the stock market. The accused defrauded the complainant by taking Rs 49.39 lakh as an investment and failing to return either the promised returns or the initial amount.

The Ravet Police have registered a case against the unknown perpetrator under IPC Sections 420 (cheating and dishonestly inducing delivery of property) and 406 (criminal breach of trust), along with relevant sections of the Information Technology Act of 2000. Senior Police Inspector Mahendra Kadam is investigating the matter further.

Similar Scam, Resident Loses Rs 80 Lakh in Sangvi

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In a similar recent incident, a resident of Pimpri Chinchwad was lured by promises of 300% to 1000% returns and lost Rs 80 lakh in a fraudulent investment scheme. The 40-year-old victim invested the amount through an app, following instructions from Dr. Dhruv Parekh, who posed as a Morgan Stanley financial consultant. After collecting the money, Parekh ceased all communication and failed to deliver the promised returns. This incident occurred between April 18 and May 28 in Sangvi. The Sangvi Police have registered a case under IPC Sections 420, 406, and 34, along with relevant sections of the IT Act. The investigation is ongoing.