Pune: 12 booked for cheating investor of Rs 1.64 crore in plotting business

Pune: The Hadapsar Police have booked 12 people for cheating an investor to the tune of Rs 1.64 crore by promising to share 50 pc profit from the sale of land plots.

The incident took place at the office of Vishwavinayak Developers in Handewadi from September 2019 to February 2023. Yuvaraj Balasaheb Ghavte (35), a resident of Bhavani Peth, lodged a complaint at the Hadapsar Police Station in this regard. A case has been registered under sections 420, 34 of the IPC against Uttam Damodar Shewale, Gautam Shewale, Ankush Shewale, Vaibhav Shewale, Sujata Shewale, Gaurat Shewale, Ketaki Shewale, Madhuri Shewale and four others.

According to the police, the accused conspired and pretended to have signed an agreement to make 67 plots of land owned by them. They told the complainant that they would charge Rs 10.75 lakh per plot and would share 50 pc of the profit earned in the sale of the plots. Then they asked him to invest Rs 40 lakh in the business. The complainant made the investment trusting the accused.

Later, the accused returned Rs 20 lakh to the complainant. The remaining money, including the interest and per plot profit, of over Rs 1.64 crore was not paid. Thus, the accused cheated the complainant. They also sold their land to Ulhas Shewale without consulting the complainant. Realising the fraud, the complainant approached the court. The Hadapsar Police booked the 12 accused on the directive of the court. Police Sub-Inspector Patil is investigating further.