Finance firm owner booked for cheating 121 investors of ₹9.02 crore

According to the FIR, the accused promised profit between four to fifteen per cent per month over the amount invested which meant double the returns

The Bharati Vidyapeeth Police have booked the owner of Sai Indus Marketing and Sai Multiservices Company in connection with a ₹9.02 crore fraud wherein 121 investors were cheated by promising double returns on investment. The FIR was lodged on September 6 and the accused has been identified as Bhalchandra Mahadev Ashtekar of Wadgaon Budruk.

The FIR was lodged on September 6 and the accused has been identified as Bhalchandra Mahadev Ashtekar of Wadgaon Budruk. (REPRESENTATIVE PIC)

According to the FIR, the accused promised profit between four to fifteen per cent per month over the amount invested which meant double the returns. The crime took place between April 3, 2024 and September 6, 2024. The complainant, Vijay Kumar Muralidhar Ghate, 54, resident of NDA Road, Khadakwasla stated that he was cheated of ₹10 lakh by the accused. The complaint states that 120 others were also cheated by Ashtekar who gave post-dated cheques to them and did not honour the commitment. The police have transferred the case to Economic Offences Wing (EOW) and invoked Indian Penal Code (IPC) Sections 420 and 409 against the accused besides Sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act.