Pimpri-Chinchwad, Maharashtra – In a case of alleged financial fraud, the Pimpri-Chinchwad police have initiated legal action against a 48-year-old man accused of duping individuals out of ₹50 crore through an elaborate investment scam promising lucrative returns.
The accused, identified as Jitendra Manohar Balladkar from Tapkirnagar, stands accused of enticing victims with promises of substantial profits through investments in his purported business ventures.
According to reports, Rajesh Amale, a businessman in the construction sector, lodged a complaint detailing how Balladkar allegedly convinced him to invest in his firm, Yantra, specializing in electrical equipment, wiring, and bulbs. The transactions reportedly occurred between November 30, 2022, and April 17, 2023.
Amale, along with his associates Sachin Gholap and Wajid Sheikh, entrusted substantial sums of money totaling ₹43 lakh, ₹10.21 lakh, and ₹9.50 lakh, respectively, based on promises of significant annual returns. However, after an initial payout, the trio ceased receiving any returns from Balladkar, raising suspicions of fraudulent activities.
Officials from the MIDC Bhosari police station disclosed that Balladkar allegedly employed tactics such as signing memorandums of understanding (MoUs) and contracts to provide a semblance of legitimacy to his operations. Preliminary investigations suggest that multiple individuals may have fallen victim to Balladkar’s scheme, collectively losing an estimated ₹50 crore.
In response to mounting complaints, law enforcement authorities have urged individuals who may have been defrauded by Balladkar to come forward and report their grievances.
Given the substantial sum involved in the alleged fraud, the police have initiated procedures to transfer the case to the jurisdiction of the Economic Offences Wing (EOW) for further investigation and prosecution.
A case has been registered against Balladkar under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by public servant, or by banker, merchant, or agent), and 420 (cheating) of the Indian Penal Code (IPC), along with Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.
