Pune: Father-Son Duo Duped 40 Investors Over Rs 1 Crore in Share Market Scam

A scammer in Purnanagar, Chikhali, reportedly swindled 40 people out of Rs 1.12 crore by promising to open DEMat accounts and invest in the share market. The fraudster allegedly provided fake certificates without setting up the accounts. According to the police the incident occurred between 2015 and 5 May 2024 in Purnanagar at Chikhali.

Suhas Bajrang Shejwal, aged 56 and residing in Chinchwad, lodged a complaint at Chikhli Police Station, resulting in the registration of a case against Prashant Sitaram Khade and his father Sitaram Khade, residents of Khatav, District Satara.

According to the police, the father-son duo gained trust of the complainant and convinced him and his friends Navnath Tanaji Dalvi, Sanjay Shankar Shekde and 37 others to invest in the stock market promising heavy returns.

The accused informed the complainant that a DEMat account had been opened in his name and took almost Rs 10 38 thousand from the complainant and Rs 1 crore 1 lakh 90 thousand from 39 others in cash and cheque. Initially, the complainant and others received returns for a few days. However, after investing a large sum of money, the accused father-son stopped giving the promised returns and allegedly cheated the complainant and 39 others by giving false certificates of the Company. Police sub-inspector Mahesh Mulik is further investigating the case.