E-Paper
Pune realtor Amit Lunkad in judicial custody for duping investors
Pune-based realtor Amit Lunkad, proprietor of Lunkad Realty Firms, was arrested by Pune city police crime branch late on Monday night and sent to Yerawada central jail on judicial custody remand on Tuesday on charges of duping investors
Pune-based realtor Amit Lunkad, proprietor of Lunkad Realty Firms, was arrested by Pune city police crime branch late on Monday night and sent to Yerawada central jail on judicial custody remand on Tuesday on charges of duping investors.
His police custody was denied, but so was his bail application as multiple witnesses have come forward against his investment scheme, according to the police. Lunkad was arrested from his house in Pune and produced in court on Tuesday. The decisions were made by additional sessions judge Sunil Vedpathak on Tuesday.
A complaint in the matter was lodged by Sanjay Vilas Honrao (48) a resident of Dattanagar area of Ambegaon Budrukh area of Pune. However, at least 6 other witnesses have recorded their statements in the case. Therefore, the law for protection of investors’ interest was also invoked against Lunkad.
“We have recorded statements from six witnesses and one complainant. We only had the complainant when the case was registered but with new witnesses, we moved the court to add Sections 3 and 4 of Maharashtra Protection of Interest of Depositors Act,” said an officer close to the investigation.
The complainant told the police that in July 2019 he had met with Lunkad at his office in Kalyaninagar area of Pune.
During the meeting Lunkad allegedly promised 15 per cent return per month on his investment, according to the complainant. Believing Lunkad, the complainant invested ₹21,26,875 over the next two years.
The complainant has alleged that he received neither the returns nor the principal amount that was invested after he asked for the money back, according to the complainant.
Police sub inspector Vijay Zanjad of anti-dacoity cell-2 of Pune police crime branch is investigating the case.
A case under Sections 420 (cheating) and 406 (criminal breach of trust) of Indian Penal Code and relevant sections of MPID was registered at Yerawada police station against the realtor. The police have urged other victims of Lunkad’s investment scheme to come forward and register their complaints.
