Published On : Tue, Oct 13th, 2015

Yet another Ponzy fraud: 3 members of Deopujari family dupe investors of Rs 1.42 crore

In yet another Ponzy scheme fraud, three members of a family lured investors with astronomical returns and duped them to the tune of Rs 1.42 crore. Forget the high returns, the investors were not returned even their capital investment amounts. The three accused family members have been booked.

According to police, the three accused Nimish Satish Deopujari, Vandana Satish Deopujari and Satish Shankarrao Deopujari, residents of Plot No. 112, Swavalambi Nagar, run an investment company named Pro Pra En Shares Trading Corporation.

The three accused lured the complainant Shankar Damuji Kamdi (59), resident of Hingna Road T-Point, and dozens of other investors with 48 percent or more returns annually on their investment in shares market. With these alluring words of high returns, the Deopujaris accepted deposits to the tune of Rs 1,42,00,000 (Rs 1.42 crore).

However, the accused defaulted in payments and thus defrauded the investors. Forget the high returns, the capital amounts of investors were not returned by the accused trio.

Pratap Nagar API S M Mude, acting on a complaint filed by Shankar Damuji Kamdi, has booked the three accused members of the family Nimish Satish Deopujari, Vandana Satish Deopujari and Satish Shankarrao Deopujari under Sections 406, 409, 420, 34 of IPC read with Sub-Section 3 of Maharashtra Protection of Interests of Depositors (MPID) Act and investigating the matter further. No arrests have so far been made in the fraud.