Kalyan man booked for duping investors after promising 80% returns

He promised people to invest in stock market and share returns of up to 80% on their investment. The police estimate he has duped people for over ₹nine crore

Kalyan

HT Image

Bazarpeth police in Kalyan have booked a 40-year-old for allegedly assuring several people from Thane, Kalyan around 80% returns on their investment and duped them for an estimated ₹nine crore without returning even principal amounts.

Identified as Darshan Paranjpe, 40, the Kalyan resident would lure customers by explaining the importance of stock market and the lucrative returns from investments in stocks, according to Bazarpeth police. He projected his image as a rich man due to his investment in shares and invited people to give him money, which he would invest in shares and share returns of up to 80% on their investment.

In 2022, a 56-year-old retired man from Pune invested his savings and retirement fund worth ₹1.65 lakh in Paranjpe’s quick-rich scheme. When the man started asking him to return his money, the accused began to give false answers and later started ignoring him. Police sources said several such investors have approached the police, and Paranjpe appears to have duped hundreds of people for an estimated sum of ₹9.64 crore.

Senior police inspector Sunil Pawar registered a cheating case under IPC section 420, on Tuesday and started investigation in the matter.