Pune: A large-scale online fraud promising high returns from the stock market has been uncovered, with the accused embezzling over ₹9.5 crore.
Nanded City Police have registered a case following a complaint lodged by Nitin Vasant Dake (57), a resident of Pune. The case involves the accused, Rajesh Ramgulab Kumar alias Raj Kotaria and Vandana Bhimrao Shirsat, both residents of DSK Vishwas. The accused allegedly deceived Dake by promising him higher returns from the stock market compared to mutual funds.
According to the police, the accused took several amounts of money from Dake between October 2022 and October 2023, convincing him that stock market investments would yield better profits than mutual funds. However, instead of fulfilling their promise and returning the invested amount, the accused embezzled the funds, causing Dake a loss of ₹9.5 crore and 44 thousand rupees.
The police have filed a case against Kotaria and Shirsat based on Dake’s complaint, though no arrests have been made yet. Police Inspector Santosh Khetmalas is currently leading the investigation into the matter.
This incident highlights the growing threat of online fraud in investment schemes, urging caution among the public when approached with such promises of high returns.
