NAGPUR: Sitabuldi Police have registered an FIR against five directors of Ramdev Baba Builders and Developers Pvt. Ltd. for allegedly cheating former Chhattisgarh Advocate General and senior advocate Jugal Kishore Gilda and his family of ₹12.20 crore in an investment fraud case.
The FIR was registered following a court order under provisions of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act (MPID Act) and relevant cheating provisions.
The accused have been identified as Gopal Harikishan Chandak, Mohan Harikishan Chandak, Shardadevi Chandak, Ganesh Vitthaldas Chandak and Sujata Mohan Chandak. All five are residents of Arvi in Wardha district.
Promised Double Returns Within 29 Months
According to the complaint, Gilda and his family had longstanding relations with the Chandak family. The alleged investment arrangement began in 2009, when the accused reportedly promised attractive interest and assured investors that their money would double within 28 to 29 months.
Trusting these assurances, Gilda, his wife Sunita and their son Anup allegedly invested a total of ₹12.20 crore through cash and cheques.
However, after the stipulated period ended, the family allegedly received neither the principal amount nor the promised returns.
Post-Dated Cheques Bounced
The complaint states that the accused issued post-dated cheques as security against the investments. However, all the cheques reportedly bounced.
The accused subsequently allegedly entered into an agreement to transfer property to the investors. The complainant later discovered that the property had already been sold, raising further concerns about the recovery of the invested amount.
Court Orders Police to Register FIR
Gilda reportedly approached the police after the alleged failure to return the investment. When no effective action followed, he also approached the Economic Offences Wing (EOW).
According to the complaint, the matter was subsequently taken to the MPID court, which directed the police to register a case and investigate.
Acting on the court’s order, Sitabuldi Police registered the FIR and initiated an investigation into the alleged fraud.
The allegations against the accused are yet to be established through the investigation and judicial proceedings.
