Pune: A large-scale investment scam has surfaced in Narayangaon, Pune district, where 79 individuals fell prey to a fraudulent scheme involving ₹7,67,94,300. The accused duped investors by promising high returns on investments in a company called PLC Ultima.
The Narayangaon Police have registered cases of financial fraud against two individuals—Nitin Balasaheb Pokharkar (41), a resident of Walunwadi-Warulwadi, Narayangaon, and Rajendra Suryabhan Upadhye (42), a resident of Sangamner, Ahilyanagar. Following the complaint, the accused have reportedly absconded, according to Assistant Police Inspector Mahadev Shelar.
How the Scam Operated
According to the complaint filed by Nitin Raoji Shelke, Pokharkar convinced investors that investments in PLC Ultima would double their money within a year. Shelke invested ₹15 lakh—₹10 lakh transferred online to a bank account in Sangamner, operated under the name "Shri Krishna Cattle and Poultry Feed," and ₹5 lakh handed over in cash.
Pokharkar allegedly converted these funds into dollars via the PLC Ultima mobile app and further invested them in Bitcoin. Over three years, around 79 investors from the Narayangaon area followed this scheme, contributing a combined ₹7.68 crore.
Betrayal and Threats
When Shelke did not receive any returns, he approached Pokharkar for a refund. Pokharkar dismissed his request, claiming the money was deposited in Upadhye's account. He also reportedly abused and threatened Shelke with dire consequences if the matter was pursued further. Shelke subsequently lodged a complaint.
Larger Network of Victims
Investigations have revealed that nearly ₹100 crore was invested in the scam by residents of the Narayangaon area, including government employees, women, and farmers. Many investors, lured by the promise of high returns, borrowed money from cooperative banks to participate.
Police efforts are underway to apprehend the accused. Meanwhile, the victims are under immense financial and emotional stress, and many are uncertain about recovering their lost funds.
