Stock Market Fraud in Pune District: Seventy-Nine Duped of Rs 7 Crores in Narayangaon, Junnar
Junnar, 13th December 2024: Seventy-nine people have been duped of Rs 7 crores in the Pune district, lured by promises of high returns in the stock market. This incident occurred in Narayangaon, located in Pune’s Junnar Taluka. A case has been registered against two individuals at Narayangaon Police Station under the Pune Rural Police Force.
Nitin Ravji Shelke, a resident of Narayangaon, filed the complaint. The accused are Nitin Balasaheb Pokharkar (41, resident of Narayangaon) and Rajendra Suryabhan Upadhyaya (42, resident of Sangamner, Ahilyanagar).
According to police reports, residents of Narayangaon were persuaded to invest in shares of the ‘PLC Ultra’ company. They were promised high returns, with claims that double the invested amount would be credited to their accounts. Convinced by these promises, the depositors invested significant sums.
As per the accused’s assurances, the returns were due in April 2022. The complainant, Shelke, invested Rs 15 lakh, while others collectively invested Rs 7.67 crores. When the depositors demanded their money, the accused allegedly abused and threatened them. Authorities suspect that more victims may be involved in the scam but have not yet come forward. The Pune Rural Police estimate that the total fraudulent investments could reach as high as Rs 100 crores. The Narayangaon Police are continuing their investigation.
