A sessions court has denied bail to Suhas Chavan (40) in a Rs 5-crore investment fraud case, citing his role in duping investors with false promises of high returns. Judge R.D. Patil accepted the prosecution’s argument that more victims could emerge and an additional charge sheet was pending.
Chavan and his associates lured 11 investors into the "30-30" scheme, offering a 15% monthly return. The mastermind, Santosh alias Sachin Rathod, remains absconding and reportedly moved crores through his bank accounts. The fraud came to light when victim Pramod Pandit Jadhav lodged a police complaint after losing Rs 50 lakh. His cousin, Rajendra Sundarlal Jadhav, had invested Rs 1.45 crore. Investigators later confirmed that the accused had swindled over Rs 5 crore.
Massive scam exposed
Further investigations revealed that Rathod and his associates had collected around Rs 7-8 crore, with transactions running into crores in Rathod’s bank accounts. The total fraud now stands at Rs 18.80 crore, affecting at least 58 investors.
Assistant Public Prosecutor Raju Pahadiya stated that Chavan alone cheated investors out of Rs 1.45 crore. With more victims likely to come forward and a charge sheet yet to be filed, the court rejected Chavan’s bail plea, keeping him in custody as the probe continues.