Pune: A Pune man has been accused of deceiving 121 investors, amounting to a total of ₹9.02 crore.

The accused, Bhalchandra Mahadev Ashtekar, who operated under the business name Sai Indus Marketing and Multi Services, has been booked by the Bharti Vidyapeeth police under charges of fraud and sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act.

The complaint was lodged by Vijaykumar Murlidhar Ghate, a 54-year-old resident of Khadakwasla.

According to Ghate, Ashtekar had initially convinced him to invest ₹10 lakh in his business, promising high returns ranging from 4 to 15 percent. Enticed by the lucrative offer, Ghate, along with many others, invested significant sums in Ashtekar’s scheme.

Ashtekar initially honored his commitment by paying returns, which helped to gain the trust of his investors. However, as more people began to invest, Ashtekar suddenly ceased all payments, raising suspicions among the investors.

When the returns stopped, Ghate and other investors repeatedly tried to contact Ashtekar, only to find his office shut down and his whereabouts unknown.

Upon realizing they had been defrauded, the investors collectively approached the Bharti Vidyapeeth police station, leading to the registration of a formal complaint.

A preliminary investigation by the police has confirmed that Ashtekar defrauded a total of 121 individuals, amounting to over ₹9 crore. Due to the magnitude of the fraud, the case has been transferred to the Economic Offenses Wing for a more in-depth investigation.

Police Inspector Dipali Bhujbal, who is overseeing the investigation, stated that efforts are underway to track down Ashtekar and ascertain the full extent of the fraudulent activities. Authorities are also exploring whether Ashtekar had any accomplices or if other fraudulent schemes were operated under different names.