Pune: A manager working for a private insurance company was allegedly defrauded of ₹1.19 crore under the pretext of high returns on investment by three individuals, according to a complaint filed with Pune Police.

The accused—Shivaji Shinde (39), Madhura Nandurki (35), and Ravindra Naidu (37)—were booked for the fraud, which reportedly took place at the Baner office of Scripsica Academic Services Pvt. Ltd. between August 2021 and the filing of the complaint.

The complainant, 35-year-old Rahul Babar, alleged that he was lured into the scheme by Shinde, a person he trusted due to their association from the same native village. Shinde runs Scripsica Academic Services in Baner. In 2021, Shinde invited Babar to his office, where his associates, Nandurki and Naidu, presented details of an investment plan, promising high returns.

Gaining Babar’s trust, the trio convinced him to invest ₹1.6 crore, which included funds he borrowed from acquaintances and relatives. Initially, Babar received partial returns on his investment, but payments eventually stopped. Repeated demands for repayment were ignored, with Shinde avoiding the issue.

In August 2023, Shinde appointed Babar as a director of the company but soon ceased its operations. Shinde allegedly boasted about his political and police connections, threatening Babar with false accusations and even suggesting he would write a suicide note implicating him.

The complaint mentions that these threats escalated after Babar continued to press for repayment. Following the complaint, the police registered a case against Shinde, Nandurki, and Naidu for financial fraud and intimidation.