A man from Pune's Jadhavwadi, Chikhli, fell victim to a stock market fraud, losing Rs 14. 2 lakhs after being lured with promises of high profits in option trading. The accused not only forced him to make payments but also threatened to kill him. The fraudulent scheme took place between March and June 12, 2024.
The victim filed a complaint at the Chikhli police station on Friday (March 21). Based on the complaint, the police have registered a case against multiple suspects, including Amit, Dr. Chirag, Dhaval Shah, Dhaval Shah’s boss, consultant Varun, Sandeep, and broker Vasubhai.
According to the police, the suspects conspired to deceive the complainant by presenting a fake investment scheme under the name of Bhavani Enterprises Gujarat. They contacted him via mobile and WhatsApp, falsely claiming that an investment of Rs 10,000 would provide him with a trading limit of Rs 10 lakh for buying and selling shares.
The accused created a fake, virtual account in the complainant’s name and manipulated reports to show non-existent profits. They falsely assured him that there were no conditions attached to the investments and gradually demanded money under various pretexts, including: Broker charges, GST charges, Loss charges, Hold charges.
To pressure the complainant into making further payments, the suspects threatened to close his stock market account, preventing him from accessing his so-called profits or trading in shares. As the scam progressed, the fraudsters not only cheated the complainant of Rs 14.42 lakh but also resorted to threats.
They warned him that if he refused to pay, they would come to his house, kill him, and even file a police complaint against him. Despite the victim’s payments, he neither received the promised profits nor was his original investment returned. Senior Police Inspector Vitthal Salunkhe is leading the investigation.