Seven of finance company held in Rs 5 cr fraud case

Seven of finance company held in Rs 5 cr fraud case

Agency News

Kolhapur, Feb 8 : Seven directors of a private finance company were arrested here on Saturday for allegedly duping more than 50 persons of Rs 5 crore on pretext of handsome monetary returns. The accused have been identified as Ratan Patil, Santosh Patil, Ramesh Patil, Babasaheb Patil, Chandrakant Patil, Dnyandev Jadhav and Babu Salvi, said police.

The fraud came into light when Vitthal Ganpati Dalvi, a Karnataka native, filed a complaint against the ten directors of the Success Life and Development Company with the Shahupuri Police. The complainant alleged that one of the director Shamrao Ishwara Salvi not only promised him 12 per cent return but also hampers on the investment.

Falling into trap, the victim invested a sum of Rs 19 lakh and even advised his known ones to reap gains of the 'opportunity'. However, the investors gradually sensed the fraud when the accused started evading their queries. Three accused directors are absconding while District Superintendent of Police Dr Abhinav Deshmukh has transferred the case to the Crime Branch. (UNI)