PUNE: In a shocking case of financial fraud, a Pimple Gurav resident has been duped of more than ₹29 lakh by an individual who promised a high monthly return on share market investments. The victim, who was initially lured by the promise of a 10% monthly return, lost a significant sum of money after the fraudster gained his trust.
The Details of the Incident: The victim, Satyam Subhash Gade, a 43-year-old resident of Silver Paradise, Ramnagar, Pimple Gurav, filed a complaint with the Sangvi Police Station on September 13, 2025. According to the complaint, the accused, Nikhil Shivaji Jadhav from Satara, approached Gade and other witnesses, enticing them to invest in the share market with the promise of a substantial 10% monthly return.
Gade and the others collectively invested a total of ₹33,66,956 with Jadhav. To build trust, the accused initially returned a small amount of ₹4,28,000. However, after gaining the confidence of the investors, Jadhav disappeared with the remaining amount. The total fraud committed against Gade and the other victims amounts to ₹29,38,956.
A case has been registered under the new BNS sections 316 (2) and 318 (4). The investigating officer, Assistant Police Inspector Patil , is handling the case.