Bail denied in multi-crore fraud case

Lokmat News Network

Chhatrapati Sambhajinagar

The district court on Saturday rejected the bail plea of Suhas Pandit Chavan of Khokadpura, accused of duping citizens in a multi-crore investment fraud.

Chavan had floated a so-called 30-30 scheme, promising investors a 15% return. He claimed the money would be invested in real estate and land deals. To win trust, he initially paid small returns before pulling in nearly Rs 19 crore from 62 investors, including the complainant. When the scheme matured, instead of returning the principal, Chavan and his aides allegedly siphoned off the funds using forged documents. Public prosecutor Raju Pahadiya told the court the case reflected clear betrayal of public trust and large-scale cheating. After hearing arguments, judge B. B. Toshniwal refused bail, holding the accused responsible for one of the city’s biggest financial frauds in recent years.