The fraudsters duped a Ramdaspeth trader and his kin of more than Rs 8.16 crore on the pretext of paying 12 per cent interest on investment in their firm. The accused were known to the complainants.
The accused have been identified as Pankaj Nandlal Mehadia (45 years, New Ramdaspeth), Lokesh Santosh Jain (43 years, Sadar), Kartik Santosh Jain (40 years, Golchha Marg Sadar), Balmukund Lalchand Keyal (55 years, Deshpande Layout) and Premlata Mehadia (70 Nandlal years, Sadar).
The complainant is Ashok Purushottam Agarwal (60), a resident of Ramdaspeth, Dagdi Park Road.
The accused had in 2017 tricked Agarwal into investing in three of their firms. Agarwal’s three relatives also invested huge amounts in the firms. In this way, the accused did not return the money by taking a total amount of 28,16,08,518.
The economic offenses wing of the crime branch started an investigation into the case after receiving the complaint.
The Sitabuldi police registered cases under 420, 406, 409, 120 (B) and MPED Act.Pankaj Mehadia is the master mind of this fraud.
The other accused are said to be partners in his firm. Pankaj has been duping people on the pretext of paying high interest on investments or giving profits in business for many years.
Many big businessmen have fallen into the trap of Mehadia. Most of his victims are the ones who have invested in cash. That was why these vic tims did not register the complaint to the police.
These victims have pres sured Mehadia to return their money in different ways but they failed. According to information, accused Mehadia has duped more than 250 crores.