Lokmat News Network
Chhatrapati Sambhajinagar
The Economic Offences Wing (EOW) has arrested Guruprasad Shankar Chavan from Palghar for allegedly duping hundreds of investors of crores of rupees under the pretext of share market investments. He lured investors by claiming that his company, Pimax Global, had branches in Dubai and Mauritius and promised monthly returns of 10–12 per cent.
Senior police inspector Sambhaji Pawar said the court has remanded Chavan to police custody till May 4.
Padma Suste was the first to file a complaint in the case. Chavan and his associates reportedly organised investment seminars in luxury hotels across the state, claiming assured monthly returns. Many workers from reputed companies in Waluj were allegedly persuaded to invest after being shown fabricated profit examples. Nearly 11 investors from the city, including Suste, were cheated of Rs 2.1 crore. A case was registered at Cidco police station on March 25.
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Claimed 13 companies in Dubai, Mauritius
The accused claimed to run 13 companies, including Pimax Global Limited, with head offices in Dubai and Mauritius to build credibility among investors.
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Tracked through KYC link
After the case was registered, Chavan fled his residence in Virar and switched off all mobile phones. The EOW team, including sub-inspector Pratap Salve, head constable Sandeep Jadhav and Vijaykumar Nagare, launched a technical investigation. They found that one mobile number linked to his bank account KYC was intermittently accessing the internet. He was reportedly using it only to contact his wife.
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Two-day trap in Palghar
Acting on this lead, the team reached Palghar on April 29 and laid a trap with the help of local police and informants. Based on technical surveillance, they tracked him to a posh housing society. He was apprehended on the road while heading towards a hotel.
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Class 12 education, crores in fraud
Chavan is educated only up to Class 12. Despite this, he allegedly masterminded multi-crore scams in the name of share trading. Police said he purchased three luxury flats in Virar and Thane and cars worth Rs 2 crore from the proceeds. To evade arrest, he had rented a bungalow in Palghar for Rs 40,000 per month.
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He is also accused of cheating investors in Ahilyanagar and Buldhana. Along with Chavan, his wife Suparna Chavan (Virar West, Mumbai), Vitthal Tandale (Surewadi, Jadhavwadi), Sudhakar Khandagale (Khultabad), Taruna Chavan and Sony Manchandani (both Thane) have been booked. Khandagale and Tandale are currently lodged in Harsul jail.