Mumbai Crime: Promising Profits, Fraudster Dupes Investor Of ₹80.71 Lakh; Faces Arrest In Sindhudurg

Mumbai Crime: Promising Profits, Fraudster Dupes Investor Of ₹80.71 Lakh; Faces Arrest In Sindhudurg

The police registered an FIR against the accused and others under sections 406, 409, 420, and 34 of the IPC.

Vishal SinghUpdated: Sunday, October 22, 2023, 07:43 PM IST
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Representational photo | File

The police in Girgaon have filed an FIR in a case involving a person who was persuaded to invest Rs 80.71 lakh in the share market but was not refunded the money as promised. A police officer stated that the accused only returned Rs 7.43 lakh to the complainant and has not repaid the remaining amount. A cheating case has already been registered against the accused, who has been arrested by Sindhudurg police.

According to information provided by VP Road Police, Sameer Manjrekar (42) lodged a complaint, alleging that a person named Tejas Ghadigaonkar convinced him to invest Rs 80.71 lakh in the stock market with the promise of substantial profits. An agreement was also made between Manjrekar and Ghadigaonkar regarding the profits.

Victim provided money to accused from August 2019 to June 2020

Manjrekar informed the police that, at Ghadigaonkar's insistence, he continued to provide him with money from August 2019 to June 2020. When Manjrekar inquired about the profits and his invested money, Ghadigaonkar assured him that he would receive the money, but he failed to fulfill this commitment.

The police officer mentioned that Ghadigaonkar did return Rs 7.43 lakh to Manjrekar during this period, but he did not repay the remaining amount. Ghadigaonkar had entered into an agreement with Manjrekar, committing to return the investment and profits within eight months, but he did not honour this agreement.

Police register FIR

In response to Manjrekar's complaint, the police registered an FIR against Ghadigaonkar and others under sections 406, 409, 420, and 34 of the IPC.

The police officer also revealed that Ghadigaonkar previously operated a share broker firm in Wadala called Buckler Equities and Financial Services LLP, where he served as the managing director. Through this company, he persuaded individuals to invest in the stock market. The firm was closed down some time ago, and an FIR was registered against Ghadigaonkar at Sindhudurg police station, leading to his arrest in that case.

Investigating officer API Parag Ukarde mentioned that Ghadigaonkar was arrested by Sindhudurg police one and a half months ago and is currently in judicial custody. In this case, VP Road Police plans to seek his custody from the court.

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