Tejas Navale

Pune: In the Purnanagar area of Chikhli, a father and son have been accused of deceiving a total of 38 individuals by falsely promising them substantial returns on investments in the stock market. The complaint alleges that the accused duo cheated these 38 people out of a staggering sum of 1 crore, 12 lakh, and 28 thousand rupees, failing to return the invested amount. As a result, a complaint has been registered against the father and son at the Chikhli police station.

The fraudulent activities of Prashant Sitaram Khade and his father, Sitaram Khade, are said to have transpired between 2015 and May 2024. The plaintiff, Suhas Bajrang Shejwal, aged 56 and a resident of Tanaji Nagar, Chinchwad, lodged a complaint against the accused duo at the Chikhli police station.

According to the police, Prashant and Sitaram collaborated to gain the trust of the victims, including Shejwal and 37 others. They assured them that they had opened a D-mat account to invest their money in the stock market, promising substantial returns.

Consequently, Shejwal invested 10 lakh 38 thousand rupees, while the other 37 individuals collectively invested 1 crore 1 lakh 90 thousand rupees, totaling 1 crore 12 lakh 28 thousand rupees, through cash and checks.

Initially, the plaintiffs and others received refunds for a short period of time. However, after investing a significant amount of money, the accused ceased providing refunds. They deceived the victims by furnishing false certificates from the LKP company, claiming to have opened D-mat accounts when, in fact, no such accounts were opened. Chikhli police are currently conducting further investigations into the matter.