E-Paper
Police freeze multiple bank accounts of Challani
He has been remanded to custody of Pune police till January 12
The Economic Offence Wing (EOW) of Pune police crime branch has initiated process to freeze seven to eight bank accounts of Pankaj Chhallani, a businessman who has allegedly duped at least 35 people for multiple crores.
He has been remanded to custody of Pune police till January 12 by a local court after a case under Sections 406 and 420 of Indian Penal Code along with Sections 3 and 4 of Maharashtra Protection of Depositors Interest (MPID) Act was registered at Swargate police station.
An elderly complainant who had invested money from her savings in the scheme lodged a complaint after the cheque Challani had provided bounced in 2018.
“He has purchased around 28 properties - some are lands and others are spaces in commercial complexes located in prime locations in the city. All the properties are bought by him using the money he got from the depositors. From 2007 until 2018, he provided returns on payments of people by leasing out the properties he had purchased. The initial investors did earn a lot form what we see,” said police inspector Swati Desai, Economic Offence Wing , who is investigating the case.
Desai has urged other victims related to the case to come forward and meet the police at the EOW at Pune police commissioner’s office.
On Wednesday, the police raided his house but have not found even a single title deed in Challani’s name, according to an officer of EOW.
This is one of the few cases where an individual has been booked under Maharashtra Protection of Interest of Depositors (MPID) Act and not a financial organisation or institution, according to a senior officer of the crime branch.
Most of the people invested on goodwill based on mutual recommendations.
“His father is a chartered accountant and while he claims to have appeared for the exam as well, he did not pursue the career. He started this business. Even the house they live in has been sold. There is barely any money in any of the accounts that we have sent applications for freezing,” said Desai.
The properties are all on lease to commercial establishments like shops, gyms, and offices.
A member of the group of complainants said that they were struggling to get the FIR registered for the past year and a half.
