Kolhapur: In a shocking revelation, 26 investors have fallen victim to a fraudulent scheme orchestrated by Gold Life Distributors Company, resulting in a staggering loss of 1 crore, 11 lakh, 6 thousand, and 500 rupees. The perpetrators enticed investors with the promise of a five percent monthly return. Subsequently, a case has been filed against nine individuals, including the company’s head, at Rajarampuri Police Station on Monday night.
The complainant, Vijaya Deepak Kamble (43, a resident of Kolhapur), brought to light the deceitful activities, prompting swift action from the authorities. Subsequently, the police apprehended the alleged mastermind, Indrajit Subhash Kadam (46, a resident of Pratibhanagar, Kolhapur), and four others, including GST officer Kumar Jotiram Ubale (52, a resident of Rajendranagar, Kolhapur), Rahul Shashikant Gadhve (52, a resident of Rajarampuri, Kolhapur), Amardeep Baburao Kundle (49, a resident of Rajgad Colony, Kolhapur), and Abaso Balu Wadkar (resident of Uchgaon, Kolhapur).
The Financial Crimes Investigation Branch, responsible for the arrests, has also filed charges against Atul Wagh (resident of Devkar Panand, Kolhapur), Shailesh Wagh (a resident of Phulewadi, Kolhapur), Shailesh Margaj (a resident of Shivaji Peth, Kolhapur), and Sunita Abaso Wadkar.
Police Inspector Ravindra Kalamkar of the Financial Crimes Investigation Branch provided details, explaining that Gold Life Distributor Company, located in the third lane of Rajarampuri, had been soliciting funds from investors since August 2022. Promising lucrative returns of five percent per month, the accused initially refunded investors. However, the refunds abruptly ceased in March 2023, prompting some investors to report the suspicious activity to the Superintendent of Police.
Following instructions from the Superintendent, the Financial Crimes Investigation Branch initiated an inquiry, leading to the registration of a case against the nine individuals and the subsequent arrest of five of them.
