Man booked for duping 261 investors in ₹26.41 crores fraud case

According to the complaint, the accused convinced the victim and 261 others to invest in their company by promising them 5 per cent per month returns

Mundhwa Police lodged a case against SG Traders financial company located at BT Kawade Road in Ghorpadi for cheating 261 investors to the tune of ₹26.41 crore. Prabhat Dharampal Singh, a resident of Ghorpadi lodged a complaint on Friday against company owner Suresh Annappa Gaddiwaddar, a resident of Kingsway Society, B T Kawade Road, Subhash Gaddiwaddar, Subhangi Mohite and seven others.

After obtaining the funds, the accused neither gave them the returns nor refunded them their money and cheated them. (REPRESENTATIVE PIC)

According to the complaint, the accused convinced the victim and 261 others to invest in their company by promising them 5 per cent per month returns.

After obtaining the funds, the accused neither gave them the returns nor refunded them their money and cheated them. The police have invoked IPC sections 420 (Cheating), 406, 34 and sections 3 and 4 of the Maharashtra Protection of Investors Deposits (MPID) Act for the offence which took place between 2020 and May 2024. No arrests have been made regarding the case so far.