Pune: The Chikhli Police Station in Pune has registered a case against the directors of a chit fund company, Rajratna/Rajyog Chit Fund Pvt. Ltd., for allegedly swindling investors of over ₹3.85 crore. The case was filed on August 14, 2025, after a complaint from a 62-year-old businessman, Subhash Abhimanyu Hiwale, and several other investors.
According to the complaint, the accused—identified as Santosh Ramdas Barbade, an unnamed female director, Abhijeet Arjun Hande, Laxman Ranjit Mule, and Aniket Arjun Hande—conspired to deceive investors by luring them with the promise of high returns in a short period. The company operated from an office in Akanksha Apartment in the Purnanagar area of Chikhli.
The complaint details how the accused approached investors, including Hiwale and his company, S.S. Polymers, and provided them with information about their deposit scheme. They allegedly promised substantial profits, leading a large number of people to invest their money. The fraud is believed to have been ongoing since February 15, 2022.
The total amount swindled from the victims is a staggering ₹3,85,75,929. The list of victims and their losses includes:
Subhash Hiwale and his company, S.S. Polymers: ₹8,50,700 and ₹34,32,240, respectively.
Dattatray Kelkadar: ₹6,87,640
Shivkumar Revanya Kodage: ₹16,89,840
Sikandar Rameshwar Mandal: ₹17,62,000
Babu Mahadev Patil: ₹9,44,000
Eknath Raoba Tambe: ₹23,35,000
Sangeeta Vijay Gawade: ₹3,06,000
Ajinath Bappaji Bade: ₹7,76,640
Vitthal Dnyandev Shinde: ₹4,93,160
Avinash Vitthal Waghmare: ₹88,000
Mangesh Rajendra Ughade: ₹94,000
Naresh Gajanan Naik: ₹20,34,500
Pradip Trimbak Ghatge: ₹4,85,000
Rajendra Shivappa Sontakke: ₹33,45,125
Durgesh Dilip Gupta: ₹2,86,000
Shivsharanappa Sangappa Khelgi: ₹17,89,640
Krishna Sidharam Reddy: ₹10,20,000
Sanjay Dnyaneshwar Manjare: ₹7,76,150
Indersingh Imamsahab Jamadar: ₹20,00,000
Laxmankumar Ratanlal Paashi: ₹1,56,250
Bana Ram Kalvi: ₹3,70,431
Kashinath Narsingghari: ₹4,60,000
Amit Amgod Patil: ₹4,20,000
Vajaram Babaram Choudhary: ₹14,00,000
Vijay Shikharji Bhilwade: ₹28,11,000
Umakant Rajendra Shiriker: ₹14,00,000
Santosh Gudappa Hodage: ₹3,04,000
Shankar Shivkumar Ali: ₹4,25,020
Amar Uttam Birajdar: ₹4,60,000
Umesh Sangappa Bhosgi: ₹3,77,958
Nitin Aba Mane: ₹3,75,000
Machindra Mahadu Dapke: ₹3,62,000
Shantkumar Irappa Katarki: ₹5,00,000
Sharada Babasaheb Pawar: ₹2,68,210
Suresh Rameshwar Borude: ₹1,29,800
Vikram Vijaykumar Phadke: ₹21,40,625
The accused allegedly misappropriated the deposits and failed to return the promised returns, causing a massive financial loss to all the investors. A case has been registered under the Bharatiya Nyaya Sanhita and the Banning of Unregulated Deposit Schemes Act, 2019.