Pune Police have recently taken action against Bhimashankar Developers and its key members after allegations of cheating and fraudulent promises of returns on investment surfaced. The case, filed at Shivajinagar Police Station, involves charges of cheating, criminal breach of trust, and criminal conspiracy under various sections of the IPC.
The complaint was filed by Satish Madanraj Porwal, a resident of Bhawani Peth, through his legal representatives. Bhimashankar Developers, based at BU Bhandari Landmark, is accused of defrauding investors through an investment scheme launched in 2017.
According to the complaint, Porwal invested 2.25 lakh rupees in the scheme, which was supposed to be refunded. However, despite multiple follow-ups over two years, no refund was issued. Porwal finally approached the police after refraining from lodging a complaint during the COVID-19 pandemic.
A senior official mentioned that the matter is being thoroughly investigated, and a case has been registered as per the court’s directive. Further developments in the case are awaited.
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