Pune News: Hadapsar Man Arrested For Defrauding ₹6 Crore From Investors In Stock Market Scam
Pune News: Hadapsar Man Arrested For Defrauding ₹6 Crore From Investors In Stock Market Scam
A Pune man, Pratik Kumar Chowkhande, was arrested for allegedly defrauding 44 investors, including the plaintiff, of over ₹ 6 crore through a stock market scam. The plaintiff, who was eager to learn about stock trading, was lured by Chowkhande, who promised a 10 % monthly return on investments.
Chowkhande, director of Trade Art Share Market in Hadapsar, convinced the plaintiff to invest ₹ 25 lakh in exchange for regular returns. However, by August 2024, the refunds stopped, and Chowkhande became unresponsive. Further investigation revealed that 43 other investors were similarly deceived, collectively losing ₹5.96 crore.
The case was registered under various sections of the Maharashtra Protection of Interests of Depositors (Financial Institutions) Act, along with charges of criminal breach of trust and fraud. Chowkhande was found at his residence in Fursungi and confessed to the crime during interrogation.
The arrest was part of an operation led by Senior Police Inspector Santosh Pandhare from Hadapsar Police Station, with further investigation being handled by the Economic Offenses Wing of Pune City. The operation was conducted under the guidance of Deputy Commissioner of Police R. Raja and Assistant Commissioner Ashwini Rakh.
