Pune Builder Booked In ₹80 Lakh Investment Fraud; Promised To Double Money In Three Years

Pune: The Chatushrungi Police have registered a case against builder Yogesh Ambadas Deshpande, director of Deshpande Landmark Pvt. Ltd., for allegedly cheating a businessman of ₹80 lakh after promising to double the investment within three years and subsequently failing to return the money.

The complaint was filed by Vishal Arun Honrao (45), a cable business operator residing in Dhayari. Based on his complaint, police have booked Deshpande, a resident of Yerawada, under relevant sections of the law. The alleged fraud took place between January 2021 and 2025 at a hotel in Gokhalenagar.

According to police, Honrao had received Rs 70 lakh from the sale of agricultural land in Manchar in August 2020 and was looking for a suitable investment opportunity. He approached his uncle, Rakesh Mitkari, who introduced him to Deshpande, claiming that the builder's company required funds for its projects.

Several meetings were subsequently held, during which Deshpande allegedly assured Honrao that any amount invested would be doubled within three years. Trusting the promise, Honrao invested Rs 40 lakh on January 1, 2021. Over time, the total amount involved reportedly reached Rs 80 lakh.

After the three-year period ended in February 2024, Honrao approached Deshpande seeking repayment. However, despite repeated assurances, the money was not returned. Police said Deshpande allegedly continued to delay repayment and eventually stopped responding to phone calls.

In June 2025, Deshpande allegedly called Honrao for a meeting at an advocate's office in Sadashiv Peth. When Honrao demanded his money, Deshpande allegedly refused repayment and threatened him, saying he could take whatever action he wanted and that he would be dragged into court.

After repeated attempts to recover the amount failed, Honrao approached the police.

Uttam Gyanu Bhajnawale, Senior Police Inspector of Chatursungi Police Station, speaking to Free Press Journal, said, as per the initial investigation, Honrao invested money and given to Deshpande after he was introduced by his uncle Rakesh Mitkari. The accused Deshpande is saying he had returned the accepted money to his uncle Mitkari.

However, he did not inform about the return of the money to the victim. Accordingly, a case has been filed in the Chatursungi Police Station.

Furthermore, the matter is under investigation, and accordingly, action will be taken.