Falling prey to the promise of “exorbitant profits in the share market” proved costly to a 48-year-old electronic goods dealer, as he not only lost Rs 58 lakh in the process, but also had to face arrest on a complaint by his creditor. The police have launched a manhunt for the accused, Mahadev Jadhav.
The complainant, Sunil Deewane, 48, met Jadhav in 2011, through common friends. According to Deewane, Jadhav used to operate from his rented and swanky office at Worli. Jadhav claimed he had helped many people earn a lot of money by investing in the share market. “Jadhav advised Deewane to invest in the basket scheme,” said a sub-inspector at the Worli police station.
Convinced by Jadhav’s assurances, Deewane borrowed money from colleagues and relatives and gave Jadhav cheques worth Rs 38 lakh and the rest in cash in 2011. “When Deewane asked Jadhav for the returns, he started delaying it, but continued answering Deewane’s phone calls and meeting him in hotels,” another officer said.
Irked with the delay, Deewane’s creditors filed a police complaint in Thane district, after which he was arrested. Deewane told the police he had invested the money in the share market. After coming out on bail, Deewane lodged a case against Jadhav.
S Biranje, sub-inspector of the Worli police station, confirmed the registration of the case under sections 406 (criminal breach of trust) and 420 (cheating), but refused to divulge the details.