Special Correspondent
Pune: The Economic Offences Wing (EOW) has apprehended Bhalchandra Mahadev Ashtekar, the director of Sai Indus Marketing and Shri Multi Services, for allegedly deceiving investors with promises of high returns on stock market investments. The complaint leading to his arrest was filed by Vijaykumar Murlidhar Ghate (53), a resident of Shivane.
As per the complaint, Ghate was introduced to the investment plans of Sai Indus Marketing and Shri Multi Services by a business associate who claimed they offered substantial returns. Initially, Ghate invested ₹2 lakh and received a monthly interest of ₹4,000 for three months. Encouraged by the steady payouts, he persuaded his family members to invest larger sums. To enhance trust, Ashtekar even provided post-dated cheques as security.
On October 10, 2023, Ashtekar organized an investors’ meeting, but by December 2023, payments abruptly stopped. Concerned investors visited the company’s office, where staff reassured them of pending payouts. However, in April 2024, Ashtekar held a Zoom meeting, warning investors not to approach the police, claiming it would prevent them from recovering their money.
Soon after, the company’s office shut down, and its website was taken offline in May 2024. Ashtekar disappeared, his phone became unreachable, and investors were left in limbo. After multiple complaints, the Economic Offences Wing officially registered a case on September 6, 2024.
After evading authorities for five months, Ashtekar was finally arrested on Tuesday. His prolonged disappearance had left investors desperate for updates on the case.
Preliminary findings indicate that 121 investors were defrauded of ₹9 crore. However, investigators suspect that more than 1,000 individuals may have been affected, pushing the total scam amount to over ₹150 crore. If confirmed, this would rank among the largest financial fraud cases in recent years.
The Economic Offences Wing is continuing its probe to determine the full extent of the scam and identify possible co-conspirators.
