Fraudulent Scheme Hits Pune’s Market Yard: Traders Left In Financial Turmoil
Fraudulent Scheme Hits Pune's Market Yard: Traders Left In Financial Turmoil
3 August 2024 — Pune’s Market Yard is grappling with a surge in fraudulent activities, as local traders face significant financial losses due to deceptive practices. Recently, two vendors absconded to another state after selling grocery items on credit, leaving wholesale traders with substantial unpaid debts.
Traditionally, wholesale traders extend credit to retail vendors based on trust, a practice that has been effective for years. However, this trust has now been exploited, resulting in several complaints filed at the local police station. The vendors in question sold their goods to others and vanished without repaying their debts.
In one notable case, the Crime Branch took swift action by filing a complaint and dispatching a team to Rajasthan. Unfortunately, by the time the police arrived, the culprits had already fled. Despite additional complaints lodged at the Market Yard police station, no formal criminal cases have been filed, leaving traders frustrated and seeking justice.
The fierce competition in the market often pressures small vendors into credit dealings. When a vendor disappears with merchandise, it leads to a loss of anticipated annual profits and creates severe financial strain for traders. As a result, traders have called for increased police support to address these issues.
Traders have also faced difficulties in filing complaints. They are required to provide extensive documentation, including purchase receipts, vehicle numbers, invoices, credit details, and bank statements. Despite meeting these requirements, many complaints remain unresolved.
A senior police officer acknowledged the challenges in apprehending suspects who flee to other states and clarified that recovering funds for credit transactions is not the police’s responsibility. Deputy Commissioner of Police for Zone Five, R. Raja, advised traders to exercise caution in their transactions to prevent future fraud.
