Former Top Cop Falls Prey To Investment Scam, Loses ₹98Lakh

Former Top Cop Falls Prey To Investment Scam, Loses ₹98Lakh

A retired assistant commissioner of police, Dhyanesh Devade filed a case against a digital marketing company for cheating and forgery

Megha KuchikUpdated: Monday, April 22, 2024, 09:20 AM IST
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Former Top Cop Falls Prey To Investment Scam, Loses ₹98Lakh | Representative Image

Mumbai: A retired assistant commissioner of police, Dhyanesh Devade, 61, has filed a case against a digital marketing company for cheating and forgery. Kuber Digital Marketing, Jasbir Singh, Bhavin Shah and Pramod Gangurde allegedly persuaded Devade to invest money promising huge returns and defrauded him of Rs98.36 lakh. The case was filed at MIDC police station on April 17. According to the FIR, Devade lives in Pune. He and Shah were friends for 20 years. In March 2020, Shah arrived at Devade’s MIDC office along with Singh and Gangurde. Shah introduced them to Devade as his business partners. The trio frequently met with Devade.

One day, Shah informed Devade that they had started a non-banking entity, Kuber Digital Marketing LLP. They claimed that investing in the company would yield substantial interest. They assured Devade that they had purchased land in various places in Maharashtra. From these lands, ownership of a few plots would be transferred to him and other investors, as security against their investment. The accused assured Devade that the company had obtained all necessary permissions. Under the guise of promising returns, the accused pressured Devade to invest.

Devade's past investments

Subsequently, in September 2020, Devade invested Rs15 lakh in the company. Later, in March 2021, Devade invested an additional Rs15 lakh in his daughter’s name, followed by Rs10 lakh in April 2021. Later, he invested an additional Rs35 lakh in his son’s name. A memorandum of understanding was made between Devade and the accused. However, the accused failed to return the invested amount until August 2022. Devade discovered that the company had not obtained any permissions and had similarly cheated other individuals. Devade claimed he had invested a total of Rs75 lakh, and including his interest, he lost a total of Rs98.36 lakh. Devade filed a case under sections of the Indian Penal Code along with the Maharashtra Protection of Interest of Depositors Act.

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