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Couple held in Pune for duping scores in investment fund worth lakhs
The police already have 40 people on record while more are expected to register their complaint in the investment fraud case
PUNE A couple was arrested by Pune police for duping scores of people of multiple lakhs each through community investment funds. The main complainant against them has lost ₹60,00,000 to their investment fund.
The couple has been identified as Sujata Ramgiri (38) and Channakeshwallu Ramgiri (46), both residents of BT Kawade road. They have two children.
The wife, who was arrested on Tuesday, was remanded to five days in police custody while the husband, who was arrested on Wednesday, will be produced in court on Thursday.
The woman has education till Class 7 while the husband is uneducated, according to the police.
“She used to gather women in the community. They had a history of giving very good returns until 2016 so people fell for it. Starting 2018, they gathered funds, and she took the first draw from the fund. For the next one, they would hold an auction and after that, she reserved a section of the funds for herself. From whatever was remaining, some of the remaining people would get their money back while the others were left in a lurch,” said police sub-inspector HS Giri of Mundhwa police station who is investigating the case.
The police already have 40 people on record while more are expected to register their complaint in the matter.
The natives of Andhra Pradesh the couple have amassed property and valuables using the money, according to the police.
A case was registered under sections 420 (cheating), 406 (criminal breach of trust), 506 (criminal intimidation), and 34 (common intention) of the Indian penal code along with sections 3 and 4 prize, chits, and Money circulation schemes (banning) act, 1978 and sections 3 and 4 of the Maharashtra Protection of interest of depositors’ act (MPID) was registered at Mundwa police station.
