12% monthly returns lure Multi-Crore Scam under Dubai-Mauritius company name

• Perpetrators claimed company expansion in Dubai and Mauritius; manager arrested, main accused from Mumbai and Thane absconding.

Lokmat News Network

Chhatrapati Sambhajinagar

A shocking case has emerged where fraudsters from Mumbai and Thane duped hundreds of investors of crores of rupees, promising 12% monthly returns under the pretext of a company expanding in Dubai and Mauritius. Following complaints by 11 victims, the Cidco Thane police registered a Rs 1.12 crore fraud case.

Accused: Guruprasad chavan, Suprna chavan (both from Bajepark, Virar West, Mumbai), Vitthal Tandale (Surewadi, Jadhavwadi), Sudhakar khandagle (Khultabad), and Taruna Chavan & Soni Manchandani (both from Thane). Complainant: Padma Suste.

Modus Operandi: Through relative Tandale, suste came into contact with the Chavan couple. They were promised 10–12% monthly returns by investing in Pemax Global, earning their trust. Khandagle facilitated a meeting at Victory Traders’ office, claiming employees of reputed Valuj companies had earned huge profits. A seminar in June 2023 on Jalgaon Road further drew investors in.

Fake Returns to Gain Trust: In July 2023, suste invested Rs 5 lakh into the account suggested by the accused. By October–November, Rs 1.5 lakh was returned. After 3-4 months of regular payouts, the accused cut contact. Other victims included Sonant Kawle (Rs 2.5 lakh), Raghunath Sultane ( Rs 3 lakh), Arvind Dapurkar (Rs 5 lakh), Sahebrao Kandekar (Rs 5.5 lakh), Milind Mhaské (Rs 10 lakh), Gulab Shrimant Pawar (Rs 12 lakh), Sudam Nagre (Rs 15 lakh), Harichandra Shewale (Rs 3 lakh), Ratansingh Rajput (Rs 11.5 lakh), Nathu Kolhe (Rs 10 lakh), and Prakash Mankar (Rs 30 lakh).

13 Companies Claimed, Dubai-Mauritius Expansion: The accused claimed they ran 13 companies including Pemax Global Limited, with headquarters in Dubai and Mauritius, conducting seminars and presentations in luxury hotels to entice investors.

Police Warn of Rising Fraud: The Chavan couple targeted workers in Waluj and Shendra industrial areas. With large-scale investments, the total fraud may increase. Following registration of the case, economic crime branch arrested Sudhakar Khandagle; investigation is ongoing, confirmed senior inspector sambhaji pawar.