Pune: Businessman Alleges ₹80 Lakh Fraud By Builder Who Promised To Double Investment

Pune: Pune Police have registered a case against a city-based builder for allegedly cheating a businessman of Rs 80 lakh by promising to double his investment within three years.

The Chatushrungi Police have booked Yogesh Ambadas Deshpande, director of Deshpande Landmark Pvt. Ltd. and a resident of Yerawada, based on a complaint filed by Vishal Arun Honrao (45), a cable business operator from Dhayari.

According to police, the alleged fraud took place between January 2021 and 2025. Honrao claimed that Deshpande induced him to invest money in his projects by assuring him that the investment amount would be doubled within three years.

Police said Honrao had received Rs 70 lakh from the sale of agricultural land in Manchar in August 2020 and was looking for investment opportunities. He approached his uncle, Rakesh Mitkari, who introduced him to Deshpande and informed him that the builder’s company required funds for its projects.

Several meetings were reportedly held at a hotel in Gokhale Nagar, during which Deshpande allegedly assured Honrao of high returns. Trusting the promise, Honrao invested ₹40 lakh on January 1, 2021. Over time, the total amount invested allegedly rose to ₹80 lakh.

Money Wasn’t Returned…

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

According to the complaint, Deshpande called Honrao to a meeting at an advocate’s office in Sadashiv Peth in June 2025. During the meeting, when Honrao demanded his money, Deshpande allegedly refused repayment and threatened him, saying he could take any action he wanted and would be dragged into court.

After repeated attempts to recover the amount failed, Honrao approached the police and lodged a complaint.

Case Registered, Investigation Underway…

Speaking to The Free Press Journal, senior police inspector Uttam Gyanu Bhajnawale of Chatushrungi Police Station said that a preliminary investigation revealed that Honrao had invested the money after being introduced to Deshpande by his uncle, Rakesh Mitkari.

“The accused has claimed that he returned the invested amount to Mitkari. However, there is no evidence that the complainant was informed about such a transaction. Based on the complaint, a case has been registered at Chatushrungi Police Station,” Bhajnawale said.

He added that further investigation is underway, and appropriate action will be taken based on the findings.