Realtor in police custody for allegedly cheating 66-year-old of ₹1.9 crore

PUNE A realtor was arrested by Pune police on Wednesday for allegedly duping a 66-year-old of ₹1

PUNE A realtor was arrested by Pune police on Wednesday for allegedly duping a 66-year-old of ₹1.9 crore in a property-related investment scheme.

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The arrested man has been identified as Kagdish Unecha while the complainant is an architect living in Manikbaug on Sinhagad road.

The complainant submitted that in 2015, he invested ₹1 crore in Unecha’s company called “Unecha Associates” to earn regular returns with attractive interest rates.

Sometime later, the complainant had asked for a part of the principal amount to be returned to him, according to him.

However, the accused man then convinced him to not pull out the investment as the returns on it were going to increase. In the form of assurance, Unecha allegedly told the complainant that the project in which the money was invested is close to completion and that booking in the scheme had picked up the pace. However, the complainant found that no part of the project was completed and that the construction had shut down.

While the complainant got returns for some time, the payment stopped coming since September 2016, he told the police.

With the interest he was promised, the realtor allegedly owes the complainant a total of ₹1,91,00,000, according to the police.

“There are two others booked in the case along with Unecha. He has been remanded to police custody till March 22,” said senior police inspector Murlidhar Karpe of Deccan police station.

A case under Sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention) of the Indian Penal Code along with Section 3 of Maharashtra Protection of Interest of Depositors Act was registered at Deccan Gymkhana police station.