A couple operating under the name Mahalaxmi Financial Services has allegedly cheated more than 19 investors of over 2.37 crore by promising lucrative returns on share market investments. The accused, Prafull Sudhakar Chate (43) and his wife Avni, residents of Sindhu Chhaya in Bhende Layout in Nashik, are absconding.
Complainant Amrin Chandkha Pathan (36) of Gopalnagar first met Chate in 2013-14 when he helped Pathan secure a job. Later, citing financial troubles, Pathan was advised by Chate to invest in his firm for high returns. Initially, Avni suggested using the 'Money View' app to obtain a loan. Trusting them, Pathan invested 1 lakh by December 2023. The couple promised to pay Rs 20,000 per month for 10 months from January 26, 2024, and did make early payments, boosting confidence.
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Encouraged, Pathan invested a total of Rs 9.60 lakh by November 2024, receiving only ₹1.60 lakh as return before payments stopped in February 2025. Calls went unanswered and eventually the couple switched off their phones.Further inquiries revealed the duo used the same tactic to defraud several others, including Kalpana Dubey, Mil-ind Joshi, Atul Sawarkar, Sarita Mohane, Sereen Azad, Ganesh Uike, Sanjay Vairagade, and Umang Jain, collectively extracting more than Rs 2.37 crore.
Shockingly, the accused provided investors with only handwritten receipts on plain paper, merely bearing the company's name. Based on Pathan's complaint, Sonegaon police have registered a case under the Maharashtra Protection of Interest of Depositors (MPID) Act.