Trader duped of Rs 59 lakh in cloth franchise transaction

Aurangabad, June 14:

A company duped a city trader of Rs 59.23 lakh by not giving him the profit according to agreement done while giving cloth outlets. A case has been registered at the Osmanpura police station against the partner of the A N Reels Ventures Asif Shaikh, Nitin Khanna director of the Cotton World Company, director of Lekhraj Corp Pvt Ltd, Sanjeev Lekhraj. Lavin Lekharaj and others. Complainant Pankaj Madanlal Agrawal (Garkheda area) met Asif Shaikh and Nitin Khanna in 2018. They told Agrawal to take the franchise of the Cotton World from A N Reels Ventures and invest in it. He will get fixed Rs 90,000 every month or 16 per cent on the goods stolen. Later, Agrawal took franchises at Prozone Mall, Nirala Bazar and Kharadi, Pune. An agreement was made with the company and he paid Rs 45,000 as deposit. Agrawal received the payment from the company from March to June, 2019. On June 29, he received an email from the company that his franchises have been cancelled. The company told him that the final amount would be returned after calculation. However, he did not receive his deposit of Rs 45 lakh and the commission amount all amounting to Rs 59.23 lakh. Hence, he met the commissioner of police Dr Nikhil Gupta and submitted an application. The Economic offense wing investigated and registered a case at the Osmanpura police station. PI Dadarao Shingare is further investigating the case.