Share market frenzy: Broker Absconds, Leaving Investors in Shock

Lokmat News Network

Chhatrapati Smabhajinagar

In a luxurious office, conman Rahul Rajendra Kabra from N-4 swindled nearly 20 people out of crores by promising guaranteed returns on bond papers and pretending to be a share market expert. After initially providing returns for a few months, he has now absconded.

A 73-year-old Hemant Rangnath Jagtap, a retired teacher from Maratha Secondary School, met Rahul through his relative Anil Tangde from Naiknagar. Rahul posed as a registered broker and official representative of Zerodha, a stock exchange company, enticing victims with promises of up to six percent returns on share market investments. Trusting him, Hemant invested Rs 20 lakh and Rs 10 lakh from his retirement savings and another Rs 10 lakh in his son’s name. By July 2023, Rahul had paid some returns, but then he closed his office and disappeared. Hemant subsequently filed a complaint with the police, leading to a case against Rahul and Tangde at the MIDC Cidco police station on Sunday. PSI Jagannath Medkudale is investigating the matter.

BOX

Share Scam Exposed

Rahul set up a lavish office in the Golden City Center at Moscow Corner, where he made contracts on Rs 100 bonds and promised enticing returns for share market investments. Notably, Pankaj Chandan Shive of Abha Investments also had an office in the same building. Rahul has defrauded 20 individuals out of Rs 2 crores so far, and more complainants may emerge.

BOX

Share Market Frenzy...

This is the latest in a series of share market scams that have plagued the city over the past ten months. Recently, the couple Mayur and Shruti Bafna absconded after swindling several individuals. Notable scams also involve Pankaj Chandan Shive from Abha Investments, Bharat Pawar from Bharat Trading, Manoj Bhosale from S.M. Capital and Laxmi Capital, and the Dandale brothers from A.S. Enterprises.