A massive investment fraud operating under the name Vidarbha Urban Multiple Operative India Nidhi Limited has surfaced in Nagpur district, exposing an alleged scam in which more than 1,100 investors were duped of over Rs 1.02 crore through false promises of high returns.
Police have arrested two directors of the company, while the alleged mastermind behind the operation remains absconding. The fraud is believed to have impacted investors from Kalmeshwar, Saoner and Katol tehsils, many of whom had invested their life savings hoping for secure and attractive returns.
The arrested accused have been identified as Pramod Shriram Somkuwar, a resident of Mohpa, and Mangesh Subhash Mankawde from Hudkeshwar Road, Nagpur. Police are currently searching for the company’s alleged main operator, Sunil Madhukar Bawne, who investigators believe controlled the firm’s entire financial network and transactions.
According to police, the company allegedly collected around Rs 13 lakh from 140 investors in Kalmeshwar tehsil, nearly Rs 66 lakh from 528 investors in Saoner, and approximately Rs 24 lakh from 463 investors in Katol.
Investigators said the company’s branch office on Saoner Railway Station Road aggressively marketed recurring deposit (RD) and fixed deposit (FD) schemes by offering attractive interest rates — nearly 8 per cent on recurring deposits and 6 per cent on fixed deposits. Trusting these assurances, several residents, including farmers, small traders and middle-class families, deposited their savings with the company.
The alleged fraud came to light after the maturity periods of multiple deposits ended and investors began demanding repayment. Instead of returning the funds, the company operators allegedly delayed payments using various excuses before eventually becoming unreachable.
The case was registered following a complaint filed by Saoner resident Anshul Baban Jawarkar. Additional complaints were also lodged at Kalmeshwar and Katol police stations, leading authorities to widen the scope of the investigation into the company’s operations and financial dealings.
During the probe, investigators discovered that most transactions were conducted offline, raising serious concerns about transparency and regulatory compliance. Police further revealed that the company’s State Bank of India account was allegedly controlled solely by absconding accused Sunil Bawne.
Investigators suspect Bawne managed all financial operations through the YONO banking application, while other employees and associates reportedly had little or no access to transaction details. Officials believe this centralized control played a major role in the suspected embezzlement of investor funds.
The scam has triggered anger and panic among victims, many of whom claim they invested their hard-earned savings in the scheme. Several affected investors have approached political leaders and local authorities demanding strict action against the accused and immediate recovery of their money.
Police officials said efforts are ongoing to trace the absconding accused and determine whether similar fraudulent investment activities were carried out in other parts of Vidarbha. Financial documents, bank records and transaction details are currently under scrutiny as investigators attempt to uncover the full extent of the alleged fraud.
The exposure of the scam has sent shockwaves across the region, intensifying concerns over the rise of unregulated investment schemes targeting small investors with promises of unusually high returns.
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