A shocking incident has emerged from the Mundhwa Police Station jurisdiction, where 267 individuals have been defrauded by a company run by a former Army personnel, resulting in a collective loss of ₹26.41 crore.
The SG Trading Company operated from the fifth floor of the Saffron Hotel Building on BT Kawade Road since 2020. The fraud took place between January 2020 and May 2024.
The accused have been identified as Suresh Annappa Gadiwaddar, a former Army personnel, along with his associates Subhash Gadiwaddar, Shubhangi Mohite, Nikita, Kiran Dalal, Saurabh, and Gangadhar.
According to the police, the fraud came to light on Sunday (August 4) after a victim lodged a complaint. The victim had been lured by the company’s promises of a 5 per cent monthly return on investment of ₹31 lakh. Encouraged by these promises of high returns from the stock market, many people invested substantial amounts in the company. However, the company failed to provide any returns or repay the invested amounts, leading to a massive financial scam.
Nilkanth Jagtap, Senior Police Inspector at Mundhwa Police Station, told The Free Press Journal, "Accused Suresh Annappa Gadiwaddar, being a former Army personnel, gained the trust of the victims who invested their savings based on his reputation. The company was established during the Covid pandemic, and Gadiwaddar exploited the victims' trust. Some of the investors were Army personnel themselves."
"We have received 267 complaints so far, but this number is expected to rise as more victims come forward. The total amount involved in the fraud might increase further. We have informed the Economic Offences Wing (EOW) and are investigating the matter. The accused will be arrested accordingly."
A case has been registered at Mundhwa Police Station under sections 406, 420, and 34 of the Indian Penal Code, as well as sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999.
