₹42 Crore Fraud: Two Firm Directors Accused Of Cheating Nearly 2,000 Investors In Pune
· Free Press Journal
Pune: The Economic Offences Wing (EOW) Pune City Police Commissionerate has registered a cheating case against two directors of a private firm for allegedly defrauding investors of nearly Rs 42 crore through high-return investment schemes, officials announced on Sunday.
The accused have been identified as Santosh Bandal and Dnyaneshwar Choraghe of Valentina Industries. The case was filed after a complaint was received by the Pune EOW. The Wing launched an investigation and carried out searches at multiple locations linked to the duo, police officials said.
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According to Punekar News, police said the company operated from an office on Karve Road in Pune. Raids were conducted at the office, and they were followed by searches at the accused persons’ residences in Salisbury Park and Bibwewadi on Saturday evening.
Mumbai Fraud Case: L T Marg Police Book 4 In ₹131 Crore Investment Scam, EOW Begins ProbePolice further said that the accused lured investors by promising unusually high returns, and the crime happened between July 2022 and April 2026. The accused allegedly collected large sums of money from individuals, and in the initial phase, some investors were paid returns to gain trust. However, the payments later stopped, and it began raising suspicion among investors, said police.
Officials believe that nearly 2,000 people may have been affected by the scheme. Based on the evidence collected so far, a case of cheating has been registered by Pune Police, and further investigation is underway.
Deputy Commissioner of Police Vivek Masal confirmed the action. He said that efforts are ongoing to trace the money trail and assess the full extent of the alleged fraud.