Man held for duping investors

MUMBAI: The Tardeo police on Wednesday arrested Ramesh Pardeshi, accused of duping hundreds of people, mostly from the dhobi community, over a decade.
Pardeshi and his wife Asha were not traceable for fifteen months after investors realized they had been duped and began demanding their money back., after investors realized the fraud and started demanding their money.He was arrested from his Pune home early Wednesday morning and brought to Mumbai. A sessions court remanded him in police custody till October 23. The duo ran a 'scheme' though which they promised returns of almost 38% on investments. The investors were assured that their money would be doubled in case the money was held over a period of three years.
Almost 100 victims gathered outside the police station on Wednesday. They said that the police did not assist them and reprimanded them for investing their money foolishly. "We sent complaints to several officers but did not receive any response," said Rajkumar Gyani, who lost Rs 16 lakh. The police said that they registered an FIR on one Kantilal Hiralal Kanujia's complaint.
"The complaint was registered after a court order. If other victims want to get their case officially registered, they must appeal to the court and get an official letter. On our part, we can't take hundreds of complaints," said inspector D Dhane of Tardeo police station.
Angry victims, along with Mumbai Central corporator, Anahita Mehta, met Azendra Thakur, senior police inspector, Tardeo, who assured them that over the next few weeks, the police would take down the statements of all victims and present them as witnesses. He also asked the group to give the police a list of properties owned by the accused. "We will conduct an audit of their properties. In case it is owned by the accused, we will seal it and it will be used for recovery. But, if they have transferred the property to their relative's name, there is no legal recourse possible," said Thakur.
Pardeshi has been charged for cheating and criminal intimidation under Sections 406, 420 and 506 of the Indian Penal Code. Unofficial estimates suggest that the scam could amount to almost Rs 40 crore.