The Economic Offences Wing (EOW) has successfully arrested Bhalchandra Mahadev Ashtekar, the director of Sai Indus Marketing and Shri Multi Services, for his involvement in defrauding investors of Rs9.02 crore. Ashtekar was accused of promising high returns on stock market investments, ultimately leading to significant financial losses for victims. The arrest came after Vijaykumar Murlidhar Ghate, a complainant and investor, filed a report.
According to Ghate’s complaint, he was introduced to Ashtekar’s investment schemes by a business associate, who claimed substantial returns. Ghate invested ₹2 lakh and initially received Rs4,000 per month for three months. As the scheme appeared successful, he encouraged family members to invest larger sums. Ashtekar further built trust by issuing post-dated cheques for the investments.
In October 2023, Ashtekar held an investor meeting but stopped payouts by December. Despite inquiries, employees assured the investors that payments were delayed. In April 2024, Ashtekar even held a Zoom call, urging investors not to report the fraud to the police, claiming it would affect their chances of recovering funds. Shortly after, the company’s office closed, and its website went offline.
Ashtekar vanished, leaving investors concerned and frustrated. After multiple complaints, the EOW officially filed a case on September 6, 2024. Ashtekar evaded arrest for five months before being captured by the authorities.
While 121 investors are confirmed to have lost Rs9 crore, it is suspected that over 1,000 investors may have been affected, potentially increasing the total scam amount to more than Rs150 crore.
The Economic Offences Wing continues its investigation into the full scale of the scam and is working to identify accomplices involved in the operation.
