Published On : Wed, Nov 3rd, 2021

Investment Fraud: One arrested, four booked for duping man of Rs 8.16 cr

Nagpur: The Economic Offences Wing (EoW) of Crime Branch on Tuesday booked five persons and arrested one of them for allegedly duping a 60-year-old man, his relatives and others of over Rs 8.16 crore by promising high returns on investments.

The accused have been identified as Pankaj Nandlal Agrawal (Mehadia) (45), a resident of Plot No 261, New Ramdaspeth, Lokesh Santosh Jain (43), Kartik Santosh Jain (40), both residents of Golcha Marg, Sadar, Balmukund Lalchand Keyal (55), a resident of Plot No 101, Deshpande Layout, and Premlata Nandlal Mehadia (72), a resident of Shop No 464, Golcha Marg, Sadar.

According to Police, Ashok Purshottam Agrawal, a resident of Flat No 4, Indrayani Apartment, Dagdi Park Road, Ramdaspeth, lodged a complaint that the accused persons lured him, his relatives and others to invest in three firms — M/s Lokesh Metallics, M/s Mehadia Sales Trade Corporation and M/s Nandlal D Mehadia –by promising high interest rates of 12 per cent in 2017. However, they did not return the invested amount of Rs 8, 16,08, 518 to him, his relatives and other investors.


Following the complaint lodged by Agrawal (60), Sitabuldi Police registered a case under Sections 420, 406, 409, 120 (b) of the Indian Penal Code, read with Section 3 of Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, against the accused persons. EoW officers arrested accused Pankaj Agrawal (Mehadia) and obtained remand for his custodial interrogation till November 5.

City Police have appealed to the investors who were defrauded by the accused to lodge complaints against them with Senior Inspector Aniruddha Puri (Mobile No. 8308810430) or at EOW office, Crime Branch, fourth floor, Administrative Building No 1, Civil Lines.