Pune: In a startling revelation, residents of Pune fell victim to a fraudulent scheme orchestrated by the accused, identified as Niranjan Navinkumar Shah, a 42-year-old resident of Nanded City, Sinhagad Road. The Pune Economic Offences Branch has registered a case under the Maharashtra Protection of Interest of Depositors (MPID) Act against Shah, following a complaint filed by Dnyaneshwar Eknath Kadam, a 41-year-old resident of Indapur.
The alleged scam unfolded in the Warje area, spanning from December 2021 to the present. According to the complaint filed at the Warje police station, Shah enticed investors, including Kadam and his associates, with promises of lucrative returns by investing in companies such as Goodwin Group and Pride Group.
Kadam, along with his relatives and friends, invested a substantial sum totalling Rs. 3 lakh ten thousand in the scheme. Shockingly, Shah stands accused of defrauding them and others, amassing a staggering Rs. 4 crore and 50 lakh without delivering any returns or returning the initial investments.
The case, registered under IPC sections 420, 406, 409, and Sections 3 and 4 of the MPID Act, is currently under investigation by Assistant Police Inspector Khandagale of the Pune Economic Offences Branch.
