Firm defrauds investors of Rs 10.4 crore
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.
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