Kalyan murderer duped 700 investors of ₹31 crore: Police

A businessman in India, who allegedly killed his wife and son, had also cheated 700 people out of ₹31 crore through an investment scam, according to police. The accused, Deepak Gaikwad, is currently in custody and is likely to face charges from the Economic Offences Wing of Thane police. Gaikwad had been running a finance company for the last four years, promising high returns on investments. He is accused of smothering his wife and son before being arrested.

A 45-year-old businessman, who was arrested for allegedly killing his wife and son due to financial stress on December 1, had allegedly cheated as many as 700 people of ₹31 crore on the promise of higher returns on investments, police said.

Kalyan murderer duped 700 investors of ₹31 crore: Police

The accused, identified as Deepak Gaikwad, is currently in judicial custody and lodged in Aadharwadi prison in Kalyan. During investigations in the double murder case, the police received 700 complaints of cheating. Since the amount involved is more than ₹5 crore, the case is likely to be transferred to the Economic Offences Wing of Thane police, officials said.

Police sources said Gaikwad had been running three gift shops and a finance company, Nidhi Research Firm, for the last four years.

“Gaikwad lured people to invest their hard-earned money in his finance firm and promised them higher returns. The firm had schemes of 5%, 10%, and 15% returns on investments. We will seek the court’s permission to get Gaikwad’s custody in connection with the cheating case,” Shailesh Salvi, senior police inspector, Mahatma Phule police station, said.

On December 1, Gaikwad murdered his wife Ashwini and seven-year-old son Adhiraj in their home at Om Deepalay Apartment in Rambaug Lane 3. After the crime, he called one of his staff members and told him to inform his relatives of the murder before fleeing the spot. In panic, the staffer arrived at his house but found the door locked. He then called Gaikwad’s brother who opened the door with a duplicate key and on entering the house, they found two bodies. The police suspect he had smothered them to death with a pillow.

Suspecting that Gaikwad might try to kill himself, the police formed teams and began a search. They traced Gaikwad and his SUV to Sambhaji Nagar and arrested him.