Over Rs 26 Crores Scam: Pune Traders Swindle 262 Investors With False Promises
Pune: CBI Files Case Against IPS Officer Bhagyashree Navtake Over Alleged Irregularities in ₹1,200 Crore Scam Investigation
A company named S G Traders, located in the B T Kawade Road area, has deceived 262 individuals, swindling over Rs 26 crores from them. They enticed people with the promise of earning substantial returns through share trading.
A report from Pune City Police reveals that the person who filed the complaint, along with 261 others, was enticed into investing in shares by Suresh Annappa Gadiwaddar, the owner of S G Traders, and his associates. They were promised a 5 percent monthly return on their investments Unfortunately, the investors did not receive the promised returns.
Due to the seriousness of the complaint, an immediate investigation was initiated, leading to a significant number of complaints being lodged during the inquiry. The investigation revealed that the owners of S G Traders gained the trust of the 262 individuals. These individuals were then coerced into investing money in the company between January 2020 and May 2024.
A total of Rs 26,41,40,000 has been unlawfully taken from 262 individuals by enticing them with promised returns and then failing to return their invested funds. The fraudulent activities continue as more complaints pour in, indicating that the total amount of fraud is likely to rise.
The Mundhwa Police Station has taken action by charging the accused under various sections, including Section 406, 420, 34, Section 3, and 4 of The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999.
