Finance Firm Director, 3 Others Booked for Rs 3.5 Crore Fraud
By Business Desk
Pimpri Chinchwad police booked a finance firm director and three office-bearers for allegedly defrauding 53 investors of Rs 3.5 crore by promising high monthly returns.
Pimpri Chinchwad police have registered a case against a director and three office-bearers of a Chakan-based finance consultancy firm for allegedly defrauding 53 investors of Rs3.5 crore. The individuals had promised significant monthly returns, specifically between 3.5% and 3.75%, on investments spanning shares, mutual funds, and systematic investment plans (SIPs).
Key Allegations and Figures
A total of Rs3.5 crore was collected from investors between May 2023 and December 2024.
The alleged scheme targeted 53 individuals who were promised high monthly returns.
One 45-year-old Chakan resident reported a personal loss of Rs15.70 lakh from these investments.
The promised monthly returns ranged specifically between 3.5% to 3.75%.
The firm commenced operations in 2023, and initially provided some returns to its clients, a common strategy to build confidence. However, this preliminary payout phase ultimately transitioned into the alleged fraudulent collection of funds.
Investigation and Legal Proceedings
A 45-year-old Chakan resident, who reported losing Rs15.70 lakh, filed the complaint that initiated the police action. Following the alleged collection of funds, the finance consultancy firm abruptly ceased its operations and all communication with affected investors. Consequently, authorities have filed a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Banning of Unregulated Deposit Schemes Act.