Man booked for duping 10 of Rs 25 lakh with lure of high returns
TNN | Updated: Dec 23, 2018, 04:15 IST
Picture for representation purpose onlyNAVI MUMBAI: Rabale police have registered a case of cheating and forgery against a 39-year-old man from Sanpada for allegedly duping 10 persons of Rs 25 lakh by getting them to transfer money to his bank account for forex trading, assuring them 25-30% profits.
Pankaj Bagal had lured the investors by guiding them on investments in the stock markets, with which they got good returns. He then convinced them to get into forex trading, and claiming that it needed special computer software, he collected money from them. In March 2016, he claimed his account was hacked, so he was unable to trade and give them their profits. When investors demanded refunds, he kept dilly-dallying for two years, and in March, when the investors went to his residence, he made cheque payments but they bounced as he requested his bank to stop payments.
He appended fake signatures on MoUs on Rs100 stamp paper for cash accepted from investors. As the cash was collected by Bagal at the Airoli residence of an investor, Sanjivani Karambalkar (40), who along with her father, husband and sister had paid Rs 6.15 lakh to Bagal in 2015 and 2016, police registered an FIR at Rabale on Thursday.
The other investors cheated were Rutika Salvi (Rs 1 lakh), Vivek Kesare (Rs 1.15 lakh), Abhijit Patil (Rs 1 lakh), Pramoda Shetty (Rs 2 lakh), Tejashree Chavan (Rs 2.45 lakh) and Manoj Chavhan (Rs 11.15 lakh).
Pankaj Bagal had lured the investors by guiding them on investments in the stock markets, with which they got good returns. He then convinced them to get into forex trading, and claiming that it needed special computer software, he collected money from them. In March 2016, he claimed his account was hacked, so he was unable to trade and give them their profits. When investors demanded refunds, he kept dilly-dallying for two years, and in March, when the investors went to his residence, he made cheque payments but they bounced as he requested his bank to stop payments.
He appended fake signatures on MoUs on Rs100 stamp paper for cash accepted from investors. As the cash was collected by Bagal at the Airoli residence of an investor, Sanjivani Karambalkar (40), who along with her father, husband and sister had paid Rs 6.15 lakh to Bagal in 2015 and 2016, police registered an FIR at Rabale on Thursday.
The other investors cheated were Rutika Salvi (Rs 1 lakh), Vivek Kesare (Rs 1.15 lakh), Abhijit Patil (Rs 1 lakh), Pramoda Shetty (Rs 2 lakh), Tejashree Chavan (Rs 2.45 lakh) and Manoj Chavhan (Rs 11.15 lakh).
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