Special Correspondent
Pune: Real estate developer Amit Lunkad has allegedly lured investors by promising a monthly return of 1.5%, significantly higher than market rates, and collected crores of rupees through various deposit schemes. However, over the past few years, numerous investors have complained to the Pune City Police’s Economic Offenses Wing (EOW) that Lunkad has failed to return their money. Complaints amounting to at least ₹50 crore have been filed so far.
Speaking on the matter, Deputy Commissioner of Police (Economic Offenses Wing) Vivek Masal stated that there were previous complaints against Amit Lunkad, some of which were later withdrawn. However, a fresh wave of complaints has surfaced recently.
The complaints filed with the EOW name Amit Kantilal Lunkad, Amol Kantilal Lunkad, and Pushpa Kantilal Lunkad as respondents. The first complaint was lodged by Pravinchand Jain, who alleged that Lunkad gained his trust by promising lucrative returns through various deposit and investment schemes.
Amit and Amol Lunkad assured investors of a 1.5% monthly return, higher than prevailing market rates, along with regular interest payments. Convinced by their promises, Pravinchand Jain invested ₹6.81 crore in Lunkad Realty. Initially, interest payments were regular, but by 2019, delays began. Cheques issued by Lunkad bounced due to insufficient funds in Gaj Nadesh Bank. Frustrated, Jain lodged a complaint with the EOW last year.
Similarly, other investors have reported significant financial fraud. Kinssasara Chavan alleged a fraud of ₹26.70 crore, Ashok Raysoni claimed a loss of ₹8.38 crore, Satish Selot reported ₹1.22 crore, and Deepak Lunkad ₹1.59 crore. Smita Deshpande alleged a loss of ₹27.87 lakh, Prakashchand Bora ₹2.47 crore, Bharat Chengedia ₹46.49 lakh, and Gokul Bothra ₹1.20 crore.
The total amount of complaints filed, many of which were lodged in October and November 2024, is estimated to be around ₹50 crore. However, investors have expressed frustration with the slow progress of the investigation by the EOW. They allege that the EOW has yet to call many of them to record their statements or take substantial action.
The EOW has assured that it is consolidating all complaints and has initiated an investigation. However, investors are demanding faster action to ensure justice.
