Nagpur Businessman Duped of ₹7.63 Crore in Investment Fraud Scheme
Nagpur, India: The MIDC Police have registered a case of fraud and criminal breach of trust after a businessman was cheated out of ₹7.63 crore by a couple who promised him high returns on investments. The Economic Offences Wing (EoW) is now investigating the matter.
Jitendra Narhari Joshi (41), a resident of Trimurti Nagar and owner of JMJ Apply and Stonefire Company, filed a complaint stating that he was introduced to the accused, Jayant Gulabrao Supare (43) and his wife Kesari (35), who were longtime friends. They persuaded him to invest in a supposedly lucrative opportunity with Voltum Powertech Company.
According to the police, the accused assured Joshi of a 35% annual return on his investments, which they initially delivered as promised. Encouraged by these returns, Joshi significantly increased his investments between early 2024 and June 2024.
However, the couple abruptly stopped making payments after mid-2024. Despite Joshi’s repeated attempts to contact them for the agreed-upon returns, they cut off all communication.
Joshi has lodged a complaint with the MIDC Police, who have booked the accused under Sections 420 (cheating), 409 (criminal breach of trust), and 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code.
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