Navy Retiree Officer Duped Of ₹46 Lakh In Bogus Investment Scheme | Representational Image
Amit Anil Parulkar, a 54-year-old retired scientific officer from the Indian Navy and a resident of Girgaon, has lodged a complaint with the Bhandup police, alleging that he was defrauded of Rs. 46.5 lakhs by two individuals. Parulkar claims the accused convinced him to invest in the Rainbow Business Centre in Bhandup, promising a daily interest rate of 0.9 percent.
The alleged fraud began in 2016 when Parulkar responded to an advertisement in a Marathi newspaper for the Rainbow Business Centre. The ad led him to Karan Patel, who claimed to reinvest investors’ money into corporate ventures in Mumbai and Hyderabad, using profits to purchase vehicles for rental to companies. Patel initially offered a daily interest rate of 0.7 percent, later increasing it to 0.9 percent.
In February 2016, Parulkar issued a cheque for Rs. 1 lakh to Patel, who paid interest for the first 4-5 weeks. Encouraged by the returns, Parulkar reinvested his profits and added Rs. 12 lakhs more into Patel’s scheme. Patel’s company, based in Dreams Mall, Bhandup West, reportedly had four employees and 7-8 investors, with Parulkar and his family contributing the highest – Rs. 37 lakhs.
Parulkar alleges that Patel, along with his wife Urmila and son Rudra, frequently visited his home to persuade him to invest more. However, Parulkar eventually suspected that Patel was misleading him. By then, Patel had allegedly taken an additional Rs. 11 lakhs from Parulkar and Rs. 34.5 lakhs from Parulkar’s wife Anita, totaling Rs. 46.5 lakhs.
Since the incident occurred between 2016 and June 2024, before the Bharatiya Nyaya Sanhita came into effect, Karan Patel and others have been booked under sections 420 (cheating), 419 (criminal breach of trust), and 34 (common intention) of the Indian Penal Code.
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