Nagpur: The Chairman of A S Agri and Aqua LLP (ASAA LLP) company and four others have been booked by Economic Offences Wing (EoW) of Nagpur Police for duping investors to the tune of Rs 3.67 crore in the name of contract farming.
The offence was registered on the complaint of Nikunj Shashikant Doshi (70), a resident of 110, Farmland, Nirmal Ganga Apartment, Ramdaspeth, and other investors.
Gold Rate
07 May 2025
The accused have been identified as Prashant Zade, a resident of Ambernath, Thane; Bhatu Thakre, Sandesh Khamkar, a resident of Thane, Hiren Patel and other associated officials of the company.
According to police, Doshi initially invested Rs 40 lakh in the company after being enticed by promises of substantial returns. As per the investment scheme, investors were assured a 100 percent annual return for a period of 12 years. The total cost of the project was estimated at Rs 1.08 crore, with the complainant contributing Rs 40 lakh and the remaining funds to be deducted accordingly.
As per the contract farming, Doshi provided his agriculture land to the company and constructed a poly house. He even provided electricity, security guards, constructed an approach road, storage rooms and two labour quarters. The company officials showcased videos and photographs displaying the company’s progress to convince the gullible investors. All these schemes were purportedly aimed at benefiting farmers, said police.
However, the situation took a nasty turn when the company officials were accused of illegal activities. A police official said that the accused ran the fraudulent scheme to attract the investors and fraudulently avoided payment of financial benefits.
A case under Sections 420, 409, 120 (b) of the Indian Penal Code, read with Section 3 of MPID Act was registered at Sitabuldi Police Station. The case is under investigation.
