The Pimpri-Chinchwad police have booked a 48-year-old man for allegedly duping people to the tune of ₹50 crore by luring them with lucrative income on investments.
The police have formed teams to nab the accused identified as Jitendra Manohar Balladkar from Tapkirnagar.
According to a complaint filed by Rajesh Amale, who deals in building construction business, the accused lured him to invest in his Yantra firm that deals in electrical equipment, wiring and bulbs. The incident was reported between November 30, 2022 and April 17, 2023.
The accused promised ₹2.20 lakh annual returns on investment of ₹1 lakh. Amale invested ₹43 lakh and initially received ₹5 lakh. The complainant’s friends Sachin Gholap and Wajid Sheikh also invested ₹10.21 lakh and ₹9.50 lakh respectively. Soon, the trio stopped getting any money from the accused.
MIDC Bhosari police officials said that the accused signed memorandum of understanding (MoU) and contracts with the victims and assured them good returns. Prima facia it seems that he has duped several people of over ₹50 crore. Police have urged people to approach them if they have been duped by Balladkar.
Considering the fraud amount in the case, police have initiated procedure to hand over the case to the Economic Offences Wing (EOW).
{{/usCountry}}Considering the fraud amount in the case, police have initiated procedure to hand over the case to the Economic Offences Wing (EOW).
{{/usCountry}}MIDC Bhosari Police Station have filed a case under Sections 406, 409, 420 of the IPC and Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.