Pune: Former BJP Corporator, Son Booked For Investment Fraud Of ₹5.50 Crore

The Vishrambaug Police have filed a case against former Bharatiya Janata Party (BJP) corporator Uday Trimbak Joshi (65) and his son Mayuresh (46) in response to complaints of allegedly defrauding several individuals of a total of ₹5.50 crore. The alleged deception involved promises of returns on investments made in an LPG gas agency.

The Pune Police's Economic Offences Wing (EOW) is presently conducting an investigation into the claims of nine individuals who state that they fell victim to the fraudulent investment scheme. The process of registering additional complaints is ongoing.

According to the police, the complainants asserted that Mayuresh had not obtained permission from the Reserve Bank of India (RBI) and had offered a 12% annual interest scheme for investors starting in 2021. However, they did not receive any returns on their investments.

The Vishrambaug Police Station has registered a case against the Joshis under Sections 420 and 34 of the Indian Penal Code (IPC), as well as Section 3 of the Maharashtra Protection of Interest of Depositors (in financial establishments) Act, 1999.