Maharashtra: 5 Accused of Cheating Investors of Rs 3 Crore With Monthly Stock Market Returns in Sangli

An investment fraud took place in Maharashtra's  Banewadi and Nerle in Walwa taluka where 14 investors got defrauded of Rs 3 crore by promising them 4 percent returns every month if they invest in the stock market. This incident took place in Islampur city between April 19 and December 2023. On Thursday, victim Pilabai Sitaram Patil  has filed a complaint with the police, based on this, a case has been registered against five people, namely stock brokers Jitendra Mahadev Yadav , Deepali Jitendra Yadav and Yogendra Mahadev Yadav , as well as Prakash Sahebrao Patil, Nanda Prakash Patil, for cheating and under the Maharashtra Depositors Act.

The main suspect in this case, Jitendra Yadav and his wife, after gaining knowledge in the stock market, had left their jobs in Mumbai and Pune and started this business in Islampur. He started this lucrative business of investing in the stock market by setting up an office in a complex in the Ashta Naka area under the name Vaishnavi Enterprises.

Jitendra Yadav initially gained investors' trust with strong returns, attracting numerous small and large investors. He and four others are now accused of defrauding 14 people by promising a 4% monthly return on stock market investments. Complainant Pilabai Patil and 14 others invested a total of ₹2,96,65,211 but received neither returns nor their principal, prompting them to report the fraud to the police. The district's Economic Offences Wing is now investigating the case. Yadav is alleged to have defrauded political leaders and wealthy individuals from Walwa taluka and surrounding villages. His investment scheme, reportedly worth hundreds of crores, gained widespread attention due to the high returns. While numerous cases have been filed against Yadav, powerful investors have allegedly evaded prosecution, leaving smaller investors vulnerable.