Father and son defrauded ₹11 lakhs by promising returns

Chhatrapati Sambhajinagar

There has been significant profit made by investing in the stock market. However, a case has come to light where a father and son duo defrauded Rs 11 lakhs by promising a 5% return on the invested amount. An FIR has been registered regarding this case at Kranti Chowk police station.

According to the complaint filed by Sayyed Taufiq (Padegaon), the accused Kishor Kirtikar (Jaybhimanagar, Town Hall) runs a company named Grow Empire Institute Pvt. Ltd., with its office located in Rokadiya Hanuman Colony. This company reportedly earns substantial profits by investing in the share market as well as real estate. It promises a guaranteed monthly return of 5% on investments, and the company’s transactions are conducted through a bank. The complainant trusted these claims. Accordingly, Sayyed Tawfiq invested Rs 2 lakhs via a demand draft on April 26, 2024. He received Rs 10,000 per month for two months as returns, and a contract agreement was also made regarding this. Subsequently, he gave another Rs 4 lakhs for investment through a relative. On this amount, the accused paid Rs 60,000 as a two-month return as agreed. However, after June 2024, the accused started delaying payments of the returns, citing business losses and delays in payment. Despite repeated demands, the accused issued two separate demand drafts of Rs 2 lakhs and Rs 4 lakhs, which bounced when deposited due to insufficient funds. The complainant repeatedly asked for the money, but was given evasive replies. Eventually, the accused allegedly issued threats, as per the complaint. Similarly, Amit Jagtap was also defrauded of Rs 5 lakhs. In total, the father-son duo reportedly cheated two individuals of Rs 11 lakhs, according to the complainant.

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Accused has shut down company office

The accused, Rohit Kirtikar, has also closed the company office that was opened for investment purposes. The police suspect that apart from these two victims, there may be others who have been defrauded as well. Therefore, the police have appealed to all victims of this fraud to come forward and contact the authorities.