EOW Pune arrests two at Hyderabad airport for ₹2.38cr investment fraud

According to the police, the accused and their associates allegedly lured investors by promising monthly returns of 6 to 8 per cent on investments, after claiming to be engaged in share market trading

The Economic Offences Wing (EOW) of Pune police arrested two directors of Trades Investment Pvt Ltd and Infinite Bacon India Pvt Ltd at the Hyderabad international airport after they arrived from Sharjah, in connection with a ₹2.38 crore investment fraud case.

During the probe, police found that the accused were absconding and suspected to have fled abroad. Consequently, lookout circulars were issued against them. (REPRESENTATIVE PHOTO)

The accused have been identified as Sachin Laxman Khadtare (38), a resident of Khadtare Vasti in Karkamb village of Pandharpur taluka, Solapur district, and Prasad Prakashrao Kulkarni (36), a resident of Sarang Society, Nanded City.

According to the police, the accused and their associates allegedly lured investors by promising monthly returns of 6 to 8 per cent on investments, after claiming to be engaged in share market trading. The companies accepted money from investors and displayed fake returns on an online portal named Trades. However, when investors attempted to withdraw their principal amount or returns, they did not get any payment.

Investigations revealed that the investors were cheated of a total amount of ₹2.38 crore. A case in this regard had been registered earlier at Shivajinagar police station.

During the probe, police found that the accused were absconding and suspected to have fled abroad. Consequently, lookout circulars were issued against them. Acting on immigration alerts, Pune police were informed when Khadtare and Kulkarni landed at the Rajiv Gandhi International Airport in Hyderabad on a Sharjah-Hyderabad flight. A team led by assistant inspector Chetan More rushed to Hyderabad and arrested the duo at the airport.