E-Paper
Man involved in ₹2.89 cr share market scam caught with stolen car
Police, on Saturday, detained accused Shankar Raosaheb Shinde, 33, from Ravtale-Karudgaon in Ahmednagar district and handed him over to Shevgaon police and seized a stolen car worth of ₹12 lakh from him
Pune police have uncovered a share market fraud worth ₹2.89 crore following the arrest of a man involved in vehicle theft.
Police, on Saturday, detained accused Shankar Raosaheb Shinde, 33, from Ravtale-Karudgaon in Ahmednagar district and handed him over to Shevgaon police and seized a stolen car worth of ₹12 lakh from him.
Officials from robbery and vehicle theft prevention unit 2 of the Pune city police got a tip-off that Shinde was trying to sell a stolen car in Hadapsar. Acting on the information, police laid a trap and arrested the accused.
Sandipan Pawar, police inspector, said, “During investigation he (the accused) revealed that he was involved in a share market scam and duped many investors from Ahmednagar district to the tune of ₹2.89 crore.’’
The accused through a financial firm approached many investors in Shevgaon area. He promised 10 per cent monthly returns on the investment amount.
Responding to such an attractive offer, many investors invested in the scheme. But when he suffered losses, he did not return the money and went missing.
A case was registered against him at Shevgaon police station on July 25 under sections of 420, 406,409 and 34 of the Indian Penal Code (IPC).
The accused claimed that due to his weak financial condition he was involved in vehicle theft and recently he stole a car and was trying to sell it to get money.
