Nagpur, Aug 2 (PTI) A couple and their associates allegedly cheated many people of Rs 1.58 crore by promising high returns on investment, police said on Saturday.
The four accused were identified as Shubham Ambadas Patil, his wife Nita, who are the prime accused, and their associates Vilas Netaji Jhodge and Amar Bhagwan Pansok, an official of Sakkardara police station said.
In 2023, they couple formed a company called Dollar Pay and started attracting investors by promoting their schemes through social media and meetings in hotels. They offered investment plans ranging from Rs 7,000 to Rs 10 lakh, claiming high profits and returns, he said.
They lured people into investing with the promise that when anyone brings a new investor, his referrer would get 50 per cent of their investment back. This encouraged people to bring in more investors, the official said.
Initially, the couple paid the promised returns to gain people’s trust. Soon, their so-called business expanded beyond Nagpur to Goa, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Rajasthan and Delhi. They also promised plots and big rewards to those who brought high-value customers, he added.
However, after some time, they stopped giving returns and started making excuses. When investors started demanding their money back, the couple and their team went untraceable about six months ago.
A victim named Sandeep Meshram filed a complaint. During the probe, the police found that more than 100 victims were duped of more than Rs 3 crore. Based on this, police registered a case under cheating and the Maharashtra Protection of Interest of Depositors (MPID) Act, the police said.
Sources said the total amount involved in the fraud could be between Rs 25 crore and Rs 50 crore.
According to the police, Shubham Patil was earlier named as an accused in criminal cases. He previously worked as a waiter.
Police have launched a search for the accused. PTI COR NP
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