Nagpur: A massive investment fraud operating under the name of Vidarbha Urban Multiple Operative India Nidhi Limited has come to light in Nagpur district, exposing how hundreds of unsuspecting investors were allegedly cheated of over Rs 1.02 crore through promises of attractive returns.
Police have arrested two directors of the company, while the alleged mastermind behind the scam remains absconding. The fraud is believed to have affected at least 1,131 investors from Kalmeshwar, Saoner and Katol tehsils, many of whom had invested their hard-earned savings in the hope of securing stable returns.
The arrested accused have been identified as Pramod Shriram Somkuwar, a resident of Mohpa, and Mangesh Subhash Mankawde of Hudkeshwar Road in Nagpur. Police are continuing their search for the company’s main operator, Sunil Madhukar Bawne, who is suspected to have controlled the entire financial network and transactions of the firm.
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According to investigators, the company allegedly collected around Rs 13 lakh from 140 investors in Kalmeshwar tehsil, nearly Rs 66 lakh from 528 investors in Saoner, and about Rs 24 lakh from 463 investors in Katol. Investors were lured with promises of lucrative interest rates and assured that their money would multiply through recurring deposit (RD) and fixed deposit (FD) schemes.
Police said the company’s branch located on Saoner Railway Station Road aggressively promoted investment schemes offering nearly 8 per cent interest on recurring deposits and 6 per cent on fixed deposits. Trusting these assurances, hundreds of residents, including small traders, farmers and middle-class families, deposited their savings with the company.
However, the alleged fraud surfaced after the maturity period of several deposits ended and investors started demanding their money back. Instead of returning the funds, the company operators allegedly began delaying payments with excuses before eventually becoming unreachable.
The case was registered following a complaint lodged by Saoner resident Anshul Baban Jawarkar. Separate complaints were also filed at Kalmeshwar and Katol police stations, prompting a wider investigation into the company’s operations and financial dealings.
During the probe, investigators discovered that most of the company’s transactions were carried out offline, raising serious suspicions about transparency and regulatory compliance. Police further revealed that the State Bank of India account linked to the company was allegedly controlled exclusively by absconding accused Sunil Bawne.
Investigators suspect Bawne maintained complete control over financial operations through the YONO banking application, while other employees and associates had little or no access to transaction details. This centralized control is now being viewed as a key factor in the suspected embezzlement of investor funds.
The scam has triggered widespread anger and panic among victims, many of whom claim they invested their life savings in the scheme. Several affected investors have approached senior political leaders and local authorities seeking strict action against the accused and immediate recovery of their money.
Police officials said efforts are underway to trace the absconding mastermind and examine whether similar fraudulent investment activities were carried out in other parts of Vidarbha. Financial documents, account records and transaction details are currently under scrutiny as investigators attempt to uncover the full scale of the alleged fraud.
The exposure of the scam has sent shockwaves across the region, intensifying concerns over the growing number of unregulated investment schemes targeting small investors with promises of high returns.
