A local court on Tuesday remanded a man to police custody for cheating his grandparents of Rs 16 crore in the family business of share trading. Police identified the accused as Jitendra Arvind Pagare, 29, a resident of Agarkarnagar area in Pune.
Jitendra’s grandmother Leela Ravindra Pagare, 75, also a resident of Agarkarnagar, lodged the complaint. She alleged that he fraudulently transferred shares worth Rs 16,43,29,012 owned by his grandfather in 62 companies onto his name. The bank account is jointly held by the senior couple and their younger son, Jitendra’s uncle.
The accused is remanded to police custody till October 9, according to assistant inspector Sandeep Jamdade of Bundgarden police station. The initial investigation was undertaken by police sub inspector SN Birajdar, who said, “Jitendra is an electronics engineer.”
In the police complaint submitted on September 18, Leela states that she was sitting with her husband, younger son and his wife at their home when they received a post about a payment against shares of an automobile company in the name of Jitendra. She claimed that the shares against which the payment slip was delivered should have been in the name of her husband.
The senior couple checked their bank account statement and found that their grandson (Jitendra) had allegedly transferred multiple shares on his name. The transfer was allegedly made using pre-signed share transfer slips that the arrested man had knowledge of.
{{/usCountry}}The senior couple checked their bank account statement and found that their grandson (Jitendra) had allegedly transferred multiple shares on his name. The transfer was allegedly made using pre-signed share transfer slips that the arrested man had knowledge of.
{{/usCountry}}A case under Sections 406 (punishment for criminal breach of trust) and 420 (punishment for cheating) of Indian Penal Code was registered against Jitendra at Bundgarden police station.