A Telangana-based chemical businessman was allegedly duped of ₹3 crore by his own friend, who lured him with promises of a 20% commission on investments within 15 days. The incident came to light in the Andheri area, following which the MIDC Police have registered a case of fraud and embezzlement against the accused, identified as Ramakant Pilani. Police are also investigating whether Ramakant has defrauded other businessmen in a similar manner.
Ravi Pandurang Naidu Gangapalli (57), a resident of Telangana, has been running a chemical trading business for the past 18 years. He owns a private company, where his son assists him in business operations. Through his business dealings, he became acquainted with Ramakant Pilani, who worked as a CEO in a private firm. Over the past seven years, the two had multiple financial transactions, and Naidu had even lent money to Ramakant when needed, receiving repayments in cash or through chemical consignments.
A few months ago, Naidu visited Mumbai and met Ramakant, who introduced him to an investment scheme in a chemical company, promising high returns. To convince Naidu, a meeting was arranged at Kohinoor Continental Hotel, where Ramakant assured him of lucrative gains.
In 2022, Naidu had previously lent ₹1 crore and later ₹5 crore to Ramakant for business purposes. While Ramakant returned ₹3 crore and supplied chemical stock for the remaining amount, the transaction proved profitable for Naidu. Encouraged by this, Ramakant promised Naidu a 20% return if he invested ₹5 crore in the new venture. Since Naidu didn’t have the full amount, he agreed to invest ₹3 crore on Ramakant’s assurance.
Following the agreement, Naidu transferred ₹3 crore to Ramakant, who, in return, promised to pay him ₹60 lakh as commission along with the principal amount. However, when the due date arrived, Ramakant neither returned the money nor paid the promised commission. Instead, he kept making excuses and avoided Naidu’s calls.
Realizing he had been duped, Naidu deposited a ₹3 crore cheque given by Ramakant, which was subsequently bounced due to insufficient funds. It was then that Naidu understood the extent of the fraud and immediately approached the MIDC Police Station to file a complaint.
After verifying the complaint, the police registered a case of financial fraud against Ramakant Pilani and initiated an investigation. Sources suggest that Ramakant may have scammed other businessmen similarly, and his police interrogation is expected soon.