The Economic Offences Wing (EOW) of the Pimpri-Chinchwad police has taken custody of a director of a private food company in connection with a case registered at the Wakad police station. He is accused of taking around Rs 11.67 crore by promising investments, a directorship, and returns, but failing to repay the amount. The Vadgaon court has remanded him to 6 days of police custody.
The suspect had been lodged in Tihar Jail for about two months in connection with another fraud case registered at the Sarita Vihar police station in Delhi. The EOW took him into custody from Tihar Jail on September 26 and brought him to Pune.
The case in Wakad is registered under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID). According to the complaint, the complainant handed over a large sum of money trusting the promises made regarding investment and partnership in the company; however, it was not returned as agreed. The complaint also details that this amount was routed through various companies and bank accounts.
Investigating officer Assistant Police Inspector Sriram Shinde stated that the co-accused, who is also a director of the same company, is still absconding. The complaint mentions that financial fraud cases have also been registered against the duo in Nashik, Mumbai, and Delhi.
The police have expressed the possibility that more investors might have been defrauded in a similar manner, and an investigation into the transactions and the roles of both accused is underway. The allegations are yet to be proven in court.
