Fraudulent investment scam of Rs 75.75 lakh exposed in city

Chhatrapati Sambhajinagar

A major investment fraud has been unearthed in city, with a scammer duping investors of Rs 75.75 lakh by promising unrealistic returns. Following complaints from 19 investors, a case was registered on Tuesday night at Pundliknagar police station against Santosh Kokate.

Kokate, a resident of the upscale Pride Enigma society at Sutgirni Chowk, had set up a share market investment firm under the name Money Plant Growth Company, operating from Raghuveer Chambers in Seven Hills. For the past eight years, he lured investors by promising double returns. One of the victims, Dattu Yadavrao Thorat (59), a retired Subedar from Garakheda, invested Rs 1 lakh in September 2020 after seeing the company’s advertisement on Facebook. Kokate assured him of a Rs 15 lakh return after three years, issuing post-dated cheques for assurance. By 2022, Thorat had invested a total of Rs 13.5 lakh. When Thorat visited the Seven Hills office in 2023, it was closed, and Kokate had fled, taking all assets with him. Police inspector Sambhaji Pawar of the Economic Offenses Branch said preliminary investigations indicate Kokate absconded three to four months ago, and the police are also probing possible accomplices. Authorities expect more complainants to come forward as the probe continues.

— Sambhaji Pawar, Senior Police Inspector, Economic Offenses Branch

-----------------

19 investors come forward

Other investors who filed complaints include Bhagwan Jangle (Rs 10 lakh), Anil Hake (Rs 10 lakh), Ashok Badak (Rs 8 lakh), Annasaheb Shejule (Rs 8 lakh), Prashant Kolse (Rs 5 lakh), Subhash Shinde (Rs 5 lakh), Kiran Chavan (Rs 4.5 lakh), Bharat Ahire (Rs 4 lakh), Sandeep More (Rs 2.25 lakh), Gokul Kale (Rs 2 lakh), Shatrughna Phuke (Rs 2 lakh), Kiran Mangate (Rs 2 lakh), Ramdas Pandit (Rs 2 lakh), Vishnu Kale (Rs 1.5 lakh), Manjit Thorat (Rs 1.5 lakh), Sakharam Thorat (Rs 1 lakh), Mahabai Gorade (Rs 50,000), Savita Gadekar (Rs 50,000), and Shamarav Gadekar (Rs 50,000). Together, Kokate defrauded them of Rs 75.75 lakh.