Kiwale trading firm owner dupes 12 investors of Rs 1.22 crore
Pune: The Dehu Road police are searching for a man who allegedly duped 12 people of Rs 1.22 crore on the promise of giving them a 5 percent return on their stock market investments through his firm.
An officer from the Dehu Road police said the accused operated from an office in Kiwale. In 2024, he approached the complainant and assured him of higher profits if he invested in the stock market through his trading firm.
“Believing him, the complainant invested Rs 15 lakh in shares. The accused returned Rs 9 lakh to him, but duped him of the remaining Rs 6 lakh,” the officer said.
The officer added that the accused had also taken Rs 1.16 crore from 11 other investors. “He did not return their money and cheated all 12 investors of Rs 1.22 crore,” he said.
The officer said that when the investors started demanding their money back, the accused shut down his office and fled.
A case has been registered under sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Banning of Unregulated Deposit Schemes Act, the officer said.
An officer from the Dehu Road police said the accused operated from an office in Kiwale. In 2024, he approached the complainant and assured him of higher profits if he invested in the stock market through his trading firm.
“Believing him, the complainant invested Rs 15 lakh in shares. The accused returned Rs 9 lakh to him, but duped him of the remaining Rs 6 lakh,” the officer said.
The officer added that the accused had also taken Rs 1.16 crore from 11 other investors. “He did not return their money and cheated all 12 investors of Rs 1.22 crore,” he said.
The officer said that when the investors started demanding their money back, the accused shut down his office and fled.
A case has been registered under sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS), along with relevant sections of the Banning of Unregulated Deposit Schemes Act, the officer said.
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