Pune: In a shocking case of financial fraud, ex-servicemen and their relatives were swindled out of approximately ₹73 lakh with the false promise of doubling their investments within one and a half years.

The Chandan Nagar police have filed charges against six individuals, including a former serviceman.

The complainant, Rajesh Gorakh Yadav, a 40-year-old resident of Khengrewadi, Purandar, reported the fraud at the Chandan Nagar police station.

The accused are identified as Narendra Balu Pawar (41) from Malegaon, Nashik; former serviceman Ganesh Malvade (42) from Chhatrapati Sambhajinagar; Prafull Kamble (42) from Pune; Shubhangi Pawar (36) from Malegaon, Nashik; Swapnil Thakre (38) from Mumbai; and Sandeep Mule (38) from Pune.

Police sources revealed that Yadav, a retired army officer, was introduced to Ganesh Malvade through another former serviceman.

Malvade informed Yadav about Narendra Pawar’s investment scheme with Samruddh Bharat Trading Services. The accused organized seminars to promote the scheme.

They promised investors that their invested amounts would double in 20 months and offered a monthly return of 10% on the principal investment.

Attracted by these promises, 19 ex-servicemen and their relatives invested in the scheme. However, the accused failed to return the principal amount or the promised interest.

They closed their office in Kharadi and disappeared. Chandan Nagar police are actively searching for the suspects.

A significant increase in online fraud cases is being reported from Pune, with over 1,000 complaints filed with the cyber police from January to June 30, 2024. According to police reports, these cases have resulted in financial losses exceeding ₹98 crore.