Mumbai: Bangur Nagar Police Arrests Wanted In ₹1 Crore Fraud Case; Search Ongoing For Other Accused

Mumbai: Bangur Nagar Police Arrests Wanted In ₹1 Crore Fraud Case; Search Ongoing For Other Accused

When the complainant came to know that he had been cheated, he lodged a complaint against all the accused in Bangur Nagar police. After this complaint, the police registered a case of fraud and searched for the accused and arrested Prashant Khade.

Vishal SinghUpdated: Sunday, December 10, 2023, 10:41 PM IST
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Mumbai: Bangur Nagar Police Arrests Wanted In ₹1 Crore Fraud Case; Search Ongoing For Other Accused | Representational image

Bangur Nagar police arrested Prashant Sitaram Khade for defrauding the directors of a private company to the tune of about Rs 1 crore. Apart from Khade's co-accused, Rahul Gaikwad, Ravi Surve, Sudhir Desai, Arvind Aggarwal, Pranav Singh, who are also co-accused, the police are searching for the absconding accused.

The complainant is originally a resident of Sangli and has ancestral agriculture. Thirteen years ago, he started a company called Savitri Devi Cotton and Oil Private Limited in partnership with his colleague in his hometown.

Details of fraud

This company is engaged in the business of extracting oil from cotton seeds. For that, he, along with other directors of the company, had taken a loan of 2.5 crores from the bank. The financial affairs of the company were starting smoothly. But due to Corona, the lockdown started, and the business of the company came to a standstill.

They could not pay the bank loan. Due to this, the company started receiving notices from the bank. Due to the notice, his company fell into a financial crisis. New machinery had to be purchased to expand the company. For this, he needed a loan of about Rs 9 crore.

Meanwhile, he was introduced to Arvind Agarwal and Pranav Singh. Both of them have kept two percent CAR fund in most companies as per government norms. He was assured of financial assistance from this fund. For that, they had to keep Rs.1 crore as a security deposit. At this time, the complainants discussed with their fellow director and decided to deposit one crore rupees.

At the same time, Arvind and Pranav introduced him to Rahul Gaikwad and told him that Gaikwad was their boss. He was told that Gaikwad would arrange the money from the financial fund. After giving a security deposit of Rs 1 crore and a commission of Rs 10 lakh to Rahul, he was going to get him Rs 6.24 crore from Bengaluru-based Akshara Motors Company. After depositing this amount, a legal contract was signed between them.

One accused arrested; Search ongoing for others

As per the instructions of the accused, the money was to be deposited in the company's bank account. But he did not get financial help within the stipulated time limit. After questioning, all of them were postponing it by giving various reasons. Since he was not getting financial help from these accused, he demanded the money given to him, but they refused to give the money.

When the complainant came to know that he had been cheated, he lodged a complaint against all the accused in Bangur Nagar police. After this complaint, the police registered a case of fraud and searched for the accused and arrested Prashant Khade. A police officer said that Prashant Khade has been arrested in this case and the search for other accused is going on.

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