In a major breakthrough, Hadapsar police have arrested Pratik Kumar Chaukhande, a 36-year-old resident of Swapnalok Society in Phursungi, for defrauding 43 individuals of Rs5.96 crore through a fake stock market investment scheme. Chaukhande, who operated a stock market investment guidance class in Sasane Nagar, lured victims with promises of high returns from stock market investments.
Chaukhande used his investment guidance classes as a front to attract unsuspecting investors. He convinced them to invest in what appeared to be lucrative stock market opportunities, offering unrealistic returns in exchange for their capital. Initially, he provided some returns to gain the trust of his clients, but eventually, he stopped making payments, leading to suspicions of fraud.
The scam came to light when one of the victims, who had invested Rs25 lakh, stopped receiving the promised returns. After several attempts to contact Chaukhande, the victim found that he was unreachable. Recognizing that they had fallen victim to a scam, the concerned individual filed a complaint with Hadapsar police.
Upon receiving the complaint, a team of police officers, led by Deputy Commissioner R. Raja and Assistant Commissioner Ashwini Rakh, along with Senior Police Inspector Santosh Pandhare and Crime Branch Inspector Nilesh Jagdale, launched an investigation. The team, spearheaded by Assistant Inspector Arjun Kudale and Sub-Inspector Mahesh Kawale, soon discovered that Chaukhande had defrauded a total of 43 people, promising them high returns on their stock market investments.
During the investigation, it was revealed that Chaukhande had used his position as a stock market trainer and advisor to manipulate and deceive the victims. His scheme not only involved taking large sums of money from individuals, but he also stopped responding to them once they had invested significant amounts.
After his arrest, Chaukhande was handed over to the Economic Offenses Wing for further questioning and investigation into the full extent of his fraudulent activities. Investigators are now working to uncover any additional individuals involved in the scheme and are trying to trace the movement of the money that was siphoned off from the victims.
The Hadapsar police have urged people to be cautious when approached with offers of high returns and to verify the credentials of any investment advisor before transferring money. The authorities have also warned the public about the growing menace of fraudulent investment schemes that are exploiting the public’s desire for quick financial gains.
