PUNE: The Deccan Gymkhana police arrested the CEO of an asset management company from Rajgurunagar on the Pune-Nasik highway in a fraud case on Friday evening.
A company official was also arrested. Police were looking for the CEO, his wife, and three others who have cheated on depositors of Rs 31.92 billion since 2018 by promising a handsome return of 270% for six months.
A team led by Chief Inspector Muralidhar Karpe, Deputy Inspector Shilpa Lambe, Police Officers Sachin Inamdar, Pravin Kanchan and Balasaheb Bhongle arrested CEO Abhijit Sanjay Kulkarni, 34, on Law College Road. He had recently relocated his base to Narayan Peth. The team also arrested a 30-year-old company official.
“Kulkarni fled to Delhi on May 26 this year after the crime was registered,” said Karpe. According to the FIR, the company had promised 270% interest on a six-month investment, claiming it would use the funds in equity, precious metals and commodities markets.
Six depositors, including a 51-year-old owner of two small industrial plants in Chakan who had invested Rs 2 billion, filed a complaint with the police. The other complainants deal with real estate, clothing and other businesses.
The police have relied on provisions under Sections 3 and 4 of the Depositor’s Interests Protection Act (MPID) of Maharashtra, in addition to using the IPC section for criminal breach of trust against the CEO and four others.
Police said, “The CEO’s wife is a team leader in the company. All five people are on the run and the police are looking for them. In 2019, Kulkarni was arrested for similarly defrauding people for Rs 65 lakh. ”