The special court for the Maharashtra Protection of Interest of Depositors (MPID in financial establishments) Act has directed the MIDC police station to register a case against Andheri-based company, Kuber Digital Marketing LLP, on the complaint of a 61-year-old Pune resident, Dnyanesh Devade, who lost Rs1.15 core on assurance of good returns.
Accused's Alleged Deception & Legal Actions Taken
Devade was approached by Kuber partners – Jagbir Singh, 38, Bhavin Shah, 46, and Pramod Gangurde, 44 – to invest in their firm. Devade claimed he was promised 2.5% each on principal amount and the profit every month for three years. He initially invested Rs15 lakh out of his retirement benefits. In due course, he invested Rs75 lakh, further being induced to invest Rs25 lakh.
At an event held at Lonavala, his daughter was given a Maruti Brezza as a gift, which was bought by the accused on loan and paid only 12 instalments. Initially, Devade got returns on his investment as promised but this stopped later. He later discovered that the documents shown by the accused about their firm were also fake and fabricated.
MPID Court's Ruling On Fraudulent Investment Case
Devade said he approached the MIDC police but they failed to register a case, terming it a “civil dispute”. He then moved the special court to direct the police to register the case and investigate the fraud.
The MPID court observed that prima facie the promoters of Kuber LLP had no intention to pay or return the amount to the investor/ complainant. Thus, the averments in the complainant’s application are sufficient to indicate that the respondents (partners in the firm) have committed cognisable offence.
