Court denies bail to prime accused in Rs 1.28 crore fraud case

Chhatrapati Sambhajinagar

The court session judge S. S. Garawade denied bail to the prime accused in a Rs 1.28 crore fraud case. Pawar from Nashik allegedly lured 21 villagers into investing in Samruddha Bharat Trading Company by promising 10% monthly returns.

The prime accused is named Narendra Balu Pawar (41, Venkatesh Heights, Gajanan Park, Ambad, Nashik). Investigators revealed Pawar and his accomplices defrauded 500–600 people of Rs 50–60 crore, investing much of it in cryptocurrency. Authorities check if Pawar bought properties in relatives' names and aim to secure them under the Maharashtra Protection of Interest of Depositors (MPID) Act. Another similar case has been registered against Pawar at the Chandannagar police station in Pune. Assistant Public Prosecutor Raju Pahadiya opposed the bail, stating Pawar might pressure witnesses. The court agreed and rejected the plea.

Case details

According to a complaint filed by Yogesh Mansubrao Hivarde, a driver from Jikathan, Gangapur, the accused persuaded him to invest Rs 4.8 lakh in Samruddha Bharat Trading Company, promising to double the amount within 20 months. After receiving no returns, the complainant tried contacting Pawar and others but received no response. Realizing he had been defrauded, he lodged a police complaint at the Cantonment police station. Similarly, 21 other villagers were duped of Rs 1.28 crore using the same modus operandi.