Firm defrauds investors of Rs 10.4 crore
Pune: A retired Colonel (48) and five others were defrauded of Rs 10.4 crore by an investment firm that promised high returns on investment between April 2024 and May this year.
The firm operated from Koregaon Park.
The retired Army officer, a resident of BT Kawade Road, lodged a complaint with the Koregaon Park police on Saturday.
The case was transferred to Pune police's economic offences wing (EOW) for further investigation.
Senior inspector Sunil Thopte of the Koregaon Park police told TOI, "The victims approached us after the prime suspect in the case locked his offices located in Wakad and Koregaon Park. The suspect is on the run while his sons and wife are staying in Koregaon Park.
All the office bearers are residents of Koregaon Park and Dhanori."
Thopte said, "The complainant was introduced to the suspect by one of his relatives. The suspect enticed the complainant and his friends with promises of a 30% return on investment. He claimed that he invested the money collected from investors in shares and earned a good profit."
The officer said, "After winning the trust of the victims, the suspect accepted investments worth Rs 4.4 crore and also gave them receipts of his firm."
Preliminary investigations by the police revealed that four to five individuals, who are yet to approach the police, have already been cheated by the suspect, and the scope of the fraud is likely to expand.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
26 minutes ago
- Time of India
Neglected footbridge collapse near Pune sparks structural safety audit across Maharashtra, ET Infra
Advt Advt A structurally weak iron-and-concrete footbridge over the Indrayani river that had been declared unfit for use but not officially shut to pedestrians and bikes collapsed Sunday about 40km from Pune, killing four people and injuring 51, eight of them person was reported missing after falling into the rain-fed river at Bhegdewadi, just over a kilometre from the picturesque Kunda Mala vista that attracts hordes of tourists. More than a 100 people were on the footbridge when a portion of the structure gave way close to the stone bank of the river around 3.30pm, state minister for water resources and disaster management Girish Mahajan said. The footbridge connecting Shelarwadi, close to the old Pune-Mumbai highway, with Kanhewadi near Indori is a vantage point for people visiting the area at this time of year to enjoy the surroundings."The crowd on the bridge was beyond its capacity. There is a signboard warning people against standing on the bridge, but it seems everyone ignored it," Mahajan Dalvi, a survivor, said the bridge was so crowded that there was no space for anyone to move. "There were also some bikes on it, which made it worse. Everyone started running towards the main road as the structure heaved and collapsed," he said. Pimpri Chinchwad DCP Vishal Gaikwad identified three of the victims as Chandrakant Sathle, Rohit Mane and Vihan Mane. The identity of the fourth victim wasn't immediately of the 51 injured were discharged from hospital after treatment. The Maharashtra govt announced compensation of Rs 5 lakh each to the families of the Disaster Response Force (NDRF), police, fire brigade and other agencies used cranes to lift the collapsed iron structure to extricate two bodies by evening."We will resume the search for the other bodies and the missing person early on Monday," Pimpri Chinchwad police commissioner Vinoy Kumar Choubey officials said the footbridge was built over three decades ago and handed over to the Pune Zilla Parishad, which remains responsible for its upkeep. The state govt recently sanctioned Rs 8 crore for the construction of a new bridge parallel to the existing one, with work scheduled to begin after the authorities, including the village sarpanch, had flagged the bridge as Mala is a popular weekend getaway, especially during monsoon, to witness the Indrayani waters cascading from a rocky area that gives it the effect of a waterfall. Barely a week ago, Pune district collector Jitendra Dudi passed an order listing several restrictions for people visiting rivers, lakes, waterfalls and other popular weekend spots during monsoon in Lonavla and other places in the Devendra Fadnavis and deputy CM Ajit Pawar, who is also Pune's guardian minister, condoled the deaths in separate messages while ordering an inquiry into the circumstances leading to the tragedy. Eknath Shinde, the state's other deputy CM, said a structural audit of similar bridges across the state would be done district collector Jitendra Dudi told TOI, "A five-member committee will be constituted to investigate the bridge collapse."
Economic Times
26 minutes ago
- Economic Times
YES Bank shares in focus after Moody's upgrades rating to Ba2, outlook revised to stable
YES Bank shares will be in focus on Monday after international rating agency Moody's upgraded the lender's rating to Ba2 from Ba3 and revised the outlook to 'stable', citing improvements in its credit profile. Moody's also raised the bank's Baseline Credit Assessment (BCA) to ba3 from b1. ADVERTISEMENT "YES Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on our expectation of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need," Moody's said. Also Read: 10 midcap stocks with more than 20 buy Calls: Analysts see up to 25% upside Last week, YES Bank announced that the Reserve Bank of India (RBI) had approved a six-month extension for Managing Director and CEO Prashant Kumar, effective October 6, or until a new MD & CEO takes charge. Kumar's original three-year term ends in October, and the bank has initiated a global search for his successor. In May, Japan's Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank through a secondary purchase. SMBC will acquire 13.19% from State Bank of India and 6.81% from other banks for Rs 13,483 crore, at a price of Rs 21.5 per share. SBI will offload its stake for Rs 8,889 crore, while the remaining Rs 4,594 crore will come from other banks including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank. ADVERTISEMENT Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 monthsYES Bank share price target ADVERTISEMENT According to Trendlyne, the average target price for YES Bank is Rs 16, indicating a potential downside of nearly 18% from current levels. Of the 12 analysts covering the stock, most have a 'Sell' stock has risen 24% over the past three months but remains down 15% on a 12-month basis. The bank's current market capitalisation stands at Rs 63,227 crore. ADVERTISEMENT Also Read: Swiggy, Radico Khaitan among 7 stocks on which brokerages initiated coverage, see up to 34% upside (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
27 minutes ago
- Time of India
Hero FinCorp raises Rs 260 crore in pre-IPO round
New Delhi: Hero FinCorp, the financial services division of two-wheeler manufacturer Hero MotoCorp, has raised Rs 260 crore in a pre-IPO placement round. This fund mobilisation led to a reduction in fresh issue size to Rs 1,840 crore from the earlier planned Rs 2,100 crore. The total IPO size now stands at Rs 3,408 crore, which includes a Rs 1,568 crore offer-for-sale by existing investors. This marks a reduction from the earlier planned Rs 3,668 crore.
