Bizman in net for duping retd teacher of Rs 65 lakh

Pune: The city police’s economic offences wing (EoW) on Tuesday night arrested a businessman on the charge of duping a retired teacher of Rs65 lakh on the pretext of promising higher returns since November 2014.
The police have invoked charges under the Maharashtra Protection of Interest of Depositors (MPID) Act against Pankaj Bhagchand Challani (46), considering that the magnitude of the economic fraud may run into crores of rupees.The police have appealed to the investors, who may have been duped by Challani, to come forward with their complaint pleas. A special court on Wednesday ordered Challani’s remand in police custody till January 12.
The police are conducting searches at his bungalow in Mukundnagar and his office on the Pune-Satara road and four others places. The outcome of the searches was not known till late Wednesday night.
A police team, led by inspector Swati Desai, took Challani into custody from his house after an investor registered an FIR with the Swargate police. Assistant commissioner of police (EoW) Shivaji Pawar told TOI on Wednesday, “Challani launched a number of schemes for investors, luring them to invest in schemes such as buying and selling land for higher returns. After the word of receiving good returns spread among investors, many people invested in his schemes.”
Pawar said, “The investors later started making rounds of his office after not getting the promised annuals interest at the rate of 18% and 24%. The fraud came to light after a retired teacher, Richard Anchi (58) from Bhosalenagar, approached us with a complaint. We have also received complaint applications from around 35 investors, who said Challani had duped them to the tune of around Rs50 crore. The magnitude of the fraud committed by Challani may go over Rs200 crore.”
Police said the FIR was registered under the relevant sections of the Indian Penal Code and MPID Act.