Massive Scam Unveiled In Pune: Rs 9 Crore Share Market Trading Fraud Rocks Investors
Pune: Software Manager From Mulshi Duped of ₹33.4 Lakh In Online Share Trading Scam
September 10, 2024
It has been revealed that a total of 125 investors were tricked into losing 9 crore 2 lakhs by the promise of high returns in share market trading. A case has been filed at Bharti Vidyapeeth Police Station regarding this matter. This incident occurred between 2023 and 3rd April 2024 in Ambegaon on the Pune-Bengaluru highway. The fraudulent activities were carried out through companies named Sai Indus Trading and Sai Multi Marketing. The culprit has fled with crores of rupees from the investors, prompting the Economic Offenses Wing to initiate an investigation into the case.
The accused is identified as Bhalchandra Mahadev Ashtekar and a case has been filed against him under Sections 3 and 4 of the Maharashtra Protection of Interests of Depositors in Financial Institutions Act and Sections 420 and 409 of the BNS. Vijaykumar Muralidhar Ghate has lodged a complaint in this regard.
As per the details from the Economic Offenses Wing, the accused Bhalchandra Ashtekar hails from Belgaum but had been residing in Pune for a while. He established his office in the Ambegaon Valley complex on the Pune-Bengaluru highway. Operating under the names ‘Sai Indus Marketing’ and ‘Sai Multi Services’, he initiated a share trading business. It was through these ventures that he crossed paths with the complainant Ghate, enticing him with promises of monthly returns ranging from four to fifteen percent on investments and the doubling of the principal amount.
Ghate, who got caught in his trap, invested ten lakh rupees as instructed by the accused. Along with Ghate, 124 other investors also put in substantial amounts. All agreements were formalized during the investment process, with post-dated cheques provided to instill confidence in the investors. This led to the investors placing their trust in the accused. Initially, the accused made partial payments to the investors for the first few months. However, over the last three to four months, he ceased making refunds. When the investors attempted to reach out to him after a waiting period, he was nowhere to be found. His phone was switched off when they tried to contact him, and he had shut down his office, leaving the investors in dismay. It was only after a few days that they realized they had been deceived. Subsequently, Ghate lodged a complaint with the police.
It is indeed distressing to learn that individuals from various economic backgrounds, including the middle class, upper middle class, and even those from poor economic strata, were affected by this fraudulent scheme. Some investors even resorted to taking loans to invest their money, amplifying the financial impact of the deception. The number of complainants and the defrauded amount are anticipated to rise as more victims come forward.
Investigating Officer and Senior Police Inspector Dipali Bhujbal highlighted that Bhalchandra Ashtekar misled people with promises of substantial returns ranging from 4 to 15 percent per month. He managed to extract crores of rupees from numerous individuals by enticing them with the prospect of investing in share trading for profit and offering fake schemes that promised to double the original investment amount. Bhujbal confirmed that a case has been registered, and the police are actively investigating the matter to bring justice to the victims.
