Pune: Rs 1.5 Lakh Promised for Every Rs 1 Lakh Invested, Rs 50 Lakh Swindled in Wakad

Reported By Varad Bhatkhande

Wakad, 4th August 2024: A lawyer and 10 to 15 others in Pimpri-Chinchwad were duped of more than Rs 50.50 lakhs by scammers who promised returns of Rs 1.5 lakh for every Rs 1 lakh invested. The accused showed the complainant alleged returns from other traders to gain their trust, with returns similar to what was promised. This incident occurred from February 2022 to February 2024 near Dutta Mandir Road in Wakad.

Aayub Anwar Shaikh, a resident of Vishal Nagar, has filed a complaint with the Wakad Police Station. A case has been registered against Vithoba Sakharam Mayekar, a resident of Goa, and Rajeev Ashok Kendre, a resident of Pink City Road, Wakad.

The Wakad Police have registered a case under IPC Sections 420 (cheating and dishonestly inducing delivery of property), 406 (criminal breach of trust), and 34 (acts done by several persons in furtherance of common intention), along with relevant sections of The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act of 1999.

According to police reports, Kishore Turakmare, a former student of the complainant, introduced him to the accused. The accused, Mayekar, promised the complainant that if he invested his money in shares, he would receive returns of Rs 75,000 for every Rs 50,000 invested, Rs 1.5 lakh for every Rs 1 lakh invested, and so on. To gain the complainant’s trust, Mayekar showed fake returns earned by Kendre, who was also present during these conversations.

The complainant was also informed that he would receive 5% returns each month. Trusting the accused, the complainant asked his relatives and colleagues to invest as well. Together, they invested Rs 57,57,500. However, since they did not receive the promised returns or the invested amount back, they approached the police to file a complaint. Police Inspector Ravikiran Nale from the Wakad Police Station is investigating the matter further.

Police Inspector Ravikiran Nale told Punekar News, “We are investigating how many people have been duped. We have a list indicating that around 10 to 15 people are affected. Whether any of them have received their money back or other details will be known after a thorough investigation.”