Mumbai: Former Student Dupes Teacher Of ₹63.20 Lakh In Bogus Investment Scam

Mumbai: Former Student Dupes Teacher Of ₹63.20 Lakh In Bogus Investment Scam

The teacher was approached by her former student in 2018 asking to invest in his resort and grocery business, promising good returns and a prosperous retirement.

Megha KuchikUpdated: Sunday, January 21, 2024, 11:16 PM IST
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Mumbai: Former Student Dupes Teacher Of ₹63.20 Lakh In Bogus Investment Scam | Representational Image

The Charkop police recently booked a 33-year-old man from Charkop, Kandivali for duping his former teacher of Rs63.20 lakh after luring him into a bogus investment scam.

According to the police report, Sanjay Patole, a teacher at Utkarsh Mandir High School in Malad West and resides in Charkop, Kandivali West, was approached by her former student Kishor Manchekar in 2018 asking Patole to invest in his resort and grocery business, promising good returns and a prosperous retirement.

How the teacher got duped

Patole handed over Rs5 lakh. In 2020, Patole took a loan of Rs28 lakhs from the credit society and transferred Rs23.20 lakh from his Bank of Maharashtra account to Manchekar’s Cosmos Bank account.

Later, Patole was induced to take a loan of more Rs25 lakh from a finance company and gave Rs12.50 lakh to Machekar.

In 2023, Machekar informed Patole that he needed a guarantor for a loan for the resort and requested Patole’s assistance. Patole, unsuspecting, provided all the necessary documents. However, Mancekar deceitfully obtained loans of Rs20 lakhs in Patole’s name from Axis Bank and other finance companies without informing him. Upon discovering this through a bank message, Patole confronted Manchekar, who reassured him that he would pay EMI payments and requested money transfers, which Patole complied with.

Case registered against Manchekar

Later, Manchekar tricked Patole into giving his biometric thumbprint under the pretence of starting grocery shops together. Machekar used this to give Patole’s house on heavy deposit to three people, obtaining Rs15 lakhs. Despite Patole's continuous inquiries about the money and unpaid EMIs, Manchekar did not pay the money. On November 28, 2023, the accused absconded with his family. Patole later discovered that Manchekar had cheated three others as well.

Eventually, Patole filed a case under sections 406 (breach of trust), and 420 (cheating and dishonesty) of the Indian Penal Code.

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