Fraudster out on bail dupes 67 investors of ₹7 cr in Dombivli

According to the police, the accused ran “investment schemes” under the banner Progain Rental Services and approached investors through motivational videos on social media

THANE: The Dombivli Police have filed a case against a man identified as Prashant Angne for allegedly duping 67 investors of ₹7 crore in the Dombivli-Kalyan region.

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Angne allegedly lured investors into putting their money into his financial schemes by promising a daily return of 1%. The scamster, who was previously arrested for a similar fraud, was released on bail by the Supreme Court and allegedly resumed his investment business. He is currently absconding, and his whereabouts are not known to the police or investors.

According to the police, Angne ran “investment schemes” under the banner Progain Rental Services and approached investors through motivational videos on social media. He offered returns ranging from 5% to 30% on their investments. After getting the initial investments, he allegedly paid monthly returns for a few months before eventually stopping the payments.

Angne is said to have duped thousands of investors, including retired professionals and senior citizens who had invested in fixed deposits but were dissatisfied with the low returns. The defrauded investors have formed a group and approached the Dombivli and Thane police, demanding that the Thane Police Economic Offences Wing (EOW) take action in the matter.

In 2023, Angne and his wife Pallavi had formed an investment firm called Concunsmart Shares and Stock Broker Pvt Ltd, and allegedly duped 52 investors of ₹2.77 crore by making false promises of lucrative returns. A case was registered against him in Bhandup, followed by a case registered by the EOW of the Mumbai Police.

Dombivli’s assistant commissioner of police Vijay Marathe told HT that there were three cases against Angne in Bhandup, Dombivli and Thane. “After he was released on bail by the Supreme Court, he started the racket again,” he said. “We have booked him for fraud and initiated further investigation into the case. At present, 67 investors have come forward with complaints against him, claiming that they have been cheated of ₹7 crore. However, we suspect that the number of investors duped and the amount involved could be higher.”