Case Registered in Pune Over Rs 2.75 Crore Investment Fraud
Pune police have registered a case against four individuals accused of allegedly cheating at least ten investors of Rs 2.75 crore over the past three years. The complaint was filed by a 38-year-old resident of Kondhwa on August 21, according to two reports from Lokmat Times and The Times of India. Following the complaint, the police opened a case under Sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS).
The suspects reportedly persuaded investors to put money into an oil business by promising high returns. Two of the accused are from Belagavi, Karnataka, and the other two from Raigad district, as reported by both the sources. According to a Kondhwa police officer, the complainant knew the two accused from Raigad.
The Alleged Fraud
According to the complaint, the accused collected a total of Rs 4.09 crore from ten investors over the past three years. Of this, Rs 1.34 crore was refunded to the investors, leaving a remaining sum of Rs 2.75 crore unpaid, as reported by The Times of India.
The accused reportedly told the complainant that their acquaintance imported crude oil from Gulf countries and sold it in India, Europe, and Africa. They promised a profit of at least 10% on the investment, and assured that the investment would be returned after one year.
The complainant believed the suspects and, along with nine others, invested Rs 4.09 crore in the firm in July 2023. The accused returned Rs 1.34 crore to the ten investors but then gradually stopped paying the promised returns. Despite repeated follow-ups, the investors did not get their money back, the officer said.
Legal Action
Following the complaint, the police officer in charge stated that the necessary case was registered under the BNS laws. Both the reports carry the officer's account that the investors had been lured with promises of high returns and had faced financial losses when the accused failed to honour their commitments.