Nagpur: In a major financial fraud case, Sonegaon Police have booked a Nagpur-based couple for duping nearly 20 investors of close to Rs 2.5 crore under the pretext of offering high returns on stock market investments. The accused have been identified as Prafulla Sudhakar Chate (43) and his wife Avni, residents of Sindhu Chhaya, Bhende Layout. Both are currently absconding.
The case came to light following a complaint lodged by Amarin Chandkhan Pathan (36), a resident of Gopal Nagar, who alone lost Rs 9.6 lakh to the couple. According to police, the accused ran a firm named Mahalaxmi Financial Services, projecting it as a gateway to stock market profits.
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19 Sept 2025
Pathan came into contact with Prafulla Chate nearly a decade ago and even worked at his company for a year. In 2024, when he faced financial hardship, he approached Chate for guidance. The accused, along with his wife Avni, allegedly convinced Pathan to invest in their venture, promising to double his money. Avni even suggested that he raise funds by taking quick loans from mobile finance apps like MoneyView.
Initially, Pathan invested Rs 1 lakh and was lured into a false sense of security when the couple returned Rs 1.6 lakh as profit. Convinced of the scheme’s legitimacy, Pathan continued to invest, ultimately pumping in Rs 9.6 lakh by November 2024. However, by February 2025, all payments stopped, raising red flags.
Upon confronting the Chates, Pathan learned that he was not alone. At least 19 more investors had been trapped in the same web of deceit. The victims, identified as Kalpana Dubey, Milind Joshi, Atul Sawarkar, Sarita Mohane, Sarin Azad, Ganesh Uike, Sanjay Vairagade, Umang Jain and others, collectively lost around Rs 2.37 crore. Together with Pathan’s losses, the fraud amounts to nearly Rs 2.5 crore.
Soon after suspicions mounted, the Chate couple allegedly vanished from Nagpur, further fuelling fears that they had absconded with the investors’ money.
Acting on Pathan’s detailed complaint, Sonegaon Police registered offences against the couple under relevant sections of the Indian Penal Code (IPC) for cheating and also invoked the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act (MPID), a stringent law designed to protect investors from fraudulent financial establishments.
A senior police official confirmed that a search operation is underway to track down the absconding accused. “This is a serious financial fraud case involving multiple victims. We are gathering evidence and tracing the couple’s movements. Strict action will follow under the MPID Act,” the officer said.
Meanwhile, the victims, many of whom invested their savings or borrowed money on high interest rates, are left devastated. Several of them told police they were promised “assured profits” and were persuaded to pool in funds through personal loans.
The case has once again highlighted the growing menace of investment frauds in Nagpur, with police urging citizens to remain cautious of “too-good-to-be-true” schemes promising high or guaranteed returns.
