The Bombay High Court's Kolhapur bench has taken a stern stance in a high-value investment fraud case, summoning a senior police officer to explain the progress of the investigation. The court has directed former Kolhapur Superintendent of Police (SP) Mahendra Pandit, who is now posted as a Deputy Commissioner of Police in Mumbai, to remain personally present before it on December 9.
Court Seeks Answers from Investigating Officers
Justice Shivkumar Dige, presiding over the bench, issued the order on Friday, December 5. The court was not satisfied with the explanations provided by the investigating team and has demanded a clearer picture. Alongside the former SP, all other investigating officers (IOs) handling the case have also been ordered to appear in court on the same date.
The bench explicitly noted in its order that while all the IOs were present, they sought more time after the court posed questions about the investigation. "They shall remain present before this Court on the next date," the order stated, setting the stage for a crucial hearing.
Victims Challenge the Official Fraud Figure
The court's intervention comes on the back of an application filed by the victims of the alleged investment fraud. They have raised a serious discrepancy regarding the scale of the scam. According to the victims, the chargesheet filed by the police estimates the fraud amount at Rs 12 crore. However, based on forensic analysis and the investigation by the Kolhapur police's Economic Offences Wing (EOW), the victims contend that the actual amount swindled is a staggering Rs 279 crore.
The victims entered the legal fray as an intervention plea because the main accused, Vishwas Nivrutti Koli (43), has applied for bail, and they are strongly opposing his release. The case originated from a complaint lodged by Kolhapur resident Raghunath Shankar Khodke against Koli and other promoters of a trading services firm.
Timeline of the Case and Accused Status
The Kolhapur police arrested Vishwas Koli on October 10, 2022, after an FIR was registered at the Shahupuri police station. Initially, the fraud was estimated to be around Rs 90 crore, but the FIR officially pegged the amount at Rs 12.08 crore. The modus operandi involved luring investors with promises of a 15% return on investments made in the share and stock market through Koli's firm.
While Koli remains in custody, other accused in the case, including his wife, relatives, and agents, have managed to secure anticipatory bail. The court's upcoming hearing on December 9 is now pivotal, as it seeks direct accountability from the officers who led the probe, aiming to address the massive gap in the alleged fraud amount and ensure a thorough investigation.
The summons to a high-ranking officer like the former SP underscores the court's seriousness in getting to the bottom of this multi-crore scandal that has affected numerous investors in the Kolhapur region.
