Mumbai, Dec 10: The Enforcement Directorate (ED) on Wednesday carried out searches at multiple locations in Pune and Baramati in connection with an alleged investor fraud valued at over Rs 108 crore, linked to Baramati-based Vidyanand Dairy Pvt Ltd.
The probe centers on allegations of cheating, diversion of investor funds, and use of forged documents, allegedly orchestrated by the company and its directors, Anand Satish Lokhande (28) and his sister Vidya Satish Lokhande (24), who are currently absconding.
The ED teams conducted searches at three premises in Baramati, two in Pune, and one in Indapur, seizing business records, digital devices, and financial documents. Officials said this material will help investigators reconstruct the movement of funds and ascertain whether the alleged Proceeds of Crime (PoC) were routed through associated firms, benami entities, or linked individuals.
Sources said the Lokhande siblings are also accused of allegedly cheating several senior government officials who had invested in their scheme and suffered financial losses.
The agency’s action follows three complaints filed with the Mumbai Police Economic Offences Wing (EOW) and Pune Police. The alleged fraud involves Vidyanand Dairy Pvt Ltd, Vidyanand Agro Feed Pvt Ltd, and other related entities.
Officials said the accused projected their dairy, cattle feed, and milk procurement businesses as highly profitable ventures, luring investors with initial payouts before allegedly siphoning off around Rs 104.40 crore. They also promised land as security, which was never transferred.
The primary complaint, filed by Baramati Dairy Pvt Ltd (BDPL) with EOW Mumbai, alleges losses of Rs 10.21 crore. According to BDPL, the accused engaged in “elaborate deception” by issuing post-dated cheques that later bounced, submitting forged purchase and delivery bills, and inflating supply commitments.
The BDPL claimed that accused Anand Lokhande approached them, offering to sell milk at rates 50 paise lower than the market. He assured them of timely supplies and presented his business as reliable, backed by reputed partners.
BDPL transferred an advance of Rs 1 crore in March 2024, but supplies were delayed, and only a small commission was paid initially. Later, Vidyanand Dairy bought 75 tonnes of butter for Rs 3.12 crore from BDPL but did not pay Rs 1.16 crore. An advance of Rs 32.28 lakh for milk powder was neither delivered nor refunded. A cheque of Rs 1.06 crore issued later bounced. Despite repeated assurances from Lokhande for timely repayment, the transactions turned out to be fictitious, resulting in a total loss of Rs 10.21 crore for BDPL.
Preliminary probe revealed that the accused allegedly diverted the received amounts for personal and unrelated business expenditures while concealing actual stock details, movement records, and fund utilisation.
The second complaint was filed by one Vijay Subhash Sawant, nephew of Shiv Sena Shinde faction leader Tanaji Sawant, at Wagholi Police Station in Pune on October 7 along with other investors. Sawant said he and his wife, Sneha, invested Rs 1.51 crore on November 1, 2022, through Vidyanand Dairy for the purchase of bulk milk coolers. A notarised nine-year agreement signed in Baramati required the company to buy 20 machines from "Prasom Technologies India Pvt Ltd" and lease them to dairy farmers, with the machines to be returned after the lease period.
Sawant said only Rs 59.94 lakh was returned by March 2024, after which payments stopped. He alleged that when he questioned Lokhande, he was given inconsistent and false assurances. He stated that he invested a total of Rs 1.51 crore and received Rs 59,94,520 as returns, leaving Rs 38.96 lakh in outstanding returns, besides the entire investment amount of Rs 1.51 crore. In all, Sawant claims that Rs 1.90 crore remains unpaid.
Sawant further alleged that Anand Lokhande had proposed investment in his company Vidyanand Agro Feed Pvt Ltd, claiming it supplied animal feed to dairy farmers with a profit margin of Rs 130–180 per bag. To expand the business, investors were encouraged to invest through Sawant’s company ‘Ivara Agro Tech’, with a promised 15% return. Over the period from 2022 to 2024, the total investments made through Sawant’s accounts amounted to Rs 19.51 crore. According to the contract, Rs 25.92 crore was received as returns, but Rs 44.51 crore of returns along with the principal investment of Rs 19.51 crore remains unpaid.
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According to officials, several other victims were defrauded with the same modus operandi by the accused Anand and Vidya Lokhande and their family, wherein various innocent investors were duped through their fraudulent entities such as M/s Vidyanand Dairy Pvt Ltd, M/s Vidyanand Agro Feed Pvt Ltd.
Officials said the documents seized during the raids would be crucial in reconstructing the financial trail and bringing the accused to account.
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