Navi Mumbai Man Accused of Duping Pune Land Developer in Rs 12 Crore Scam
A man from Navi Mumbai has been accused of cheating a land developer from Uruli Kanchan, Pune, of almost Rs 12 crore in a fraudulent investment scheme that promised high returns on a godown project in Andhra Pradesh. The victim, who waited over three years for his money, recently approached the police, leading to the registration of a case by the Loni Kalbhor police on Thursday. The economic offences wing of the Pune Crime Branch is now investigating the matter.
How the Fraud Unfolded
According to an officer from the Loni Kalbhor police, the land developer came into contact with the suspect in 2022 through a mutual acquaintance. The suspect claimed to be in the business of purchasing land near MIDC areas and selling it to various companies. He assured the victim of a 10% profit if the latter invested money in land through his firm.
Initial Investment and False Promises
Believing these assurances, the victim invested Rs 50 lakh with the suspect in March 2022. Within three days, the accused returned Rs 25 lakh as a profit amount and promised to return the capital of Rs 50 lakh within 15 days. However, this was just the beginning of a larger deception.
Escalation of the Scam
A few days later, the suspect allegedly approached the victim with a new investment offer. He proposed constructing a godown on 28 acres of land in Penukonda, Andhra Pradesh, and requested the complainant to invest around Rs 12 crore, promising a return of Rs 35 crore by the end of December 2022. The victim agreed and invested Rs 12.6 crore.
Security Cheques That Bounced
To secure the deal, the suspect provided three cheques of Rs 5 crore each as security. When the victim did not receive his money back, he deposited the cheques in the bank, but they bounced. This prompted him to pursue the suspect for the funds.
Partial Refund and Police Complaint
During the pursuit, the suspect transferred Rs 61 lakh to the victim. However, with the remaining amount still unpaid, the victim approached the police and lodged a formal complaint. A case has been registered under sections 316 (criminal breach of trust) and 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS).
The officer stated, "Our investigations are on," highlighting the ongoing efforts to uncover the full extent of the fraud. This case underscores the risks associated with high-return investment promises and the importance of due diligence in financial transactions.
