Pune: Fraud Case Filed Against Pethe Jewellers’ Owners Parag and Tanay Pethe

Businessman Duped into ₹50 Lakh Investment with False Promises of Diamond Jewelry

Pune: A significant case of financial fraud amounting to ₹50 lakh has emerged, involving Parag Chandrakant Pethe and Tanay Parag Pethe, owners of Pethe Jewellers. The duo allegedly lured a businessman with promises of diamond necklaces and bangles at low prices, coercing him into investing in their firm. The accused, residing in Karvenagar, have been booked at Kothrud Police Station under sections 420, 406, and 34 of the Indian Penal Code.

The complaint, filed by Vinod Devendra Vinod Chandra Shah (49), a resident of Parvati Darshan, details that the incident occurred between 2017 and 2024 at the Pethe Jewellers shop in Chitralekha Chambers, Ideal Colony. Shah was enticed by Parag and Tanay with offers of diamond jewelry at reduced prices and persuaded to invest ₹60 lakh in the firm ₹35 lakh via RTGS and ₹25 lakh in cash with a formal contract executed on stamp paper.

Despite this agreement, Pethe Jewellers failed to deliver the promised diamond necklace and bangles. Shah’s repeated demands for the items were met with excuses from Parag Pethe. When Shah eventually requested the return of his ₹60 lakh investment, Parag returned ₹10 lakh, promising the remaining amount soon. However, the outstanding ₹50 lakh has not been returned, leading to the registration of the fraud case.

The Kothrud Police are actively investigating the matter to ensure justice is served.