Retd banker duped of ₹33 lakh on lure of high return on investment

A retired bank manager from Pune was cheated of ₹33 lakh by an investment firm in Baner, said police

A retired bank manager from Hadapsar in Pune was cheated of ₹33 lakh by an investment firm in Baner, said police officials on Monday.

A retired bank manager from Pune was cheated of ₹33 lakh by an investment firm in Baner, said police. (AFP (PIC FOR REPRESENTATION))

The accused, Vrushabh Rajendra Pawar (27) and Rajendra Durga Pawar (53) ran a private firm ‘Pawar Consultancy Services’ in Bavdhan.

The retired manager, Ambernath Rambahu Zarekar (71) in his complaint stated that since May 2020 till date he invested ₹33 lakh as per accused Rajendra Pawar’s recommendation.

Pawar promised Zarekar a high return on investment and assured to double his investment in six months. Hence, Zarekar invested all his retirement money. However,the accused failed to pay back the maturity amount of around ₹66 lakh and kept delaying the payment. Later the accused stopped taking his calls, according to the complainant.

Assistant inspector Ganesh Kharge of the Hinjewadi police said that the father-son duo ran a consultancy firm and promised the complainant high returns. A case has been registered and investigation is underway.

A case under sections 406 (punishment for criminal breach of trust), 420 (cheating and dishonestly) of the Indian Penal Code (IPC) has been registered at Hinjewadi police station.