Nagpur Police File Cheating Case Against Man for 53 Lakh Investment Fraud
In a significant development in Nagpur, the Kapil Nagar police have officially registered a case of cheating against a 45-year-old individual identified as Nitin, also known as Balu Naranware. The accused stands charged with allegedly defrauding a total of 54 local investors out of a substantial sum of 53 lakh rupees by promoting and operating fake investment schemes.
Details of the Alleged Fraud
The complaint was lodged by Ramdayal Shahu, a 46-year-old local businessman, who detailed how Naranware enticed investors with seemingly lucrative schemes. These included offerings such as the 'New Year Fund', 'Diwali Fund', and 'Dussehra Fund', which were marketed to attract funds from unsuspecting individuals.
According to the official complaint, the fraudulent activities spanned from December 8, 2023, to September 5, 2025. During this period, Naranware collected cash payments from the investors and subsequently deposited the money into his personal bank accounts. Shahu alleged that after the promised maturity dates of these schemes, Naranware failed to return the principal amounts or pay any interest, thereby betraying the trust of all involved investors.
Legal Action and Investigation
The Kapil Nagar police have taken swift action by registering the case under specific legal provisions. The charges include Sections 316(2) and 318(4) of the Indian Penal Code (IPC), which pertain to cheating and criminal breach of trust, respectively. Additionally, the case is being pursued under Section 3 of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, highlighting the severity of the financial misconduct.
An investigation is currently underway to uncover the full extent of the fraud and gather evidence against the accused. Authorities are working diligently to trace the flow of funds and identify any additional victims or accomplices involved in this scheme.
This incident serves as a stark reminder for investors to exercise caution and conduct thorough due diligence before committing to any investment opportunities, especially those promising high returns with minimal risk.
