Retired grader duped of Rs 22.73 lakh by relatives in fake investment scheme

Chhatrapati Sambhajinagar

In a shocking turn of events, a retired grader from Jambargaon in Vaijapur taluka was swindled of Rs 22.73 lakh by three individuals, including his own relatives, who lured him into investing in a fake stock market scheme. The accused, operating under the guise of a Pune-based company named "Arthplus Investments," promised high returns but ultimately deceived their victim.

The fraud unfolded when Sunil Patil, a retired grader, was approached by his nephew, Vinod Uttam Patil, who works in the stock market in Pune. Vinod, along with his brother-in-law Sunil Gangadhar Patil, a BAMS doctor, and cousin Navneet Patil, had launched Arthplus Investments in Pune’s Wakad area.

In 2021, Sunil’s daughter, who lives in Pune, invested with the company and earned substantial returns. Encouraged by this success, Vandana, Sunil’s wife, visited their daughter in Pune, where the fraudsters explained the workings of the investment scheme. After returning to Jambargaon, Vandana shared the details with Sunil, who had recently received a retirement fund of Rs 50 lakh. Trusting the relatives, Sunil contacted Vinod’s parents for further advice and decided to invest.

The fraudsters enticed Sunil with promises of 4% monthly returns on his investment. Between August 2022 and February 2023, Sunil transferred Rs 40 lakh to the bank account provided by the accused. Initially, he received Rs 17.26 lakh back, but when he inquired about the remaining amount, he was told that the person managing the funds had absconded with the money.

Realizing that he had been cheated, Sunil Patil approached the Vaijapur police, who registered a case of fraud. The accused Vinod Uttamrao Patil, Sunil Gangadhar Patil, and Navneet Hiralal Patil are now under investigation.