Pune: Hadapsar police have arrested Pratik Kumar Chaukhande, a 36-year-old resident of Swapnalok Society in Phursungi, for defrauding 43 individuals of a total of ₹5.96 crore through a fake stock market investment scheme.

Chaukhande, who operated a stock market investment guidance class in Sasane Nagar, lured his victims with the promise of high returns.

The scheme came to light when one of the victims, who had invested ₹25 lakh, stopped receiving returns last month. Initially, Chaukhande had provided some returns to gain the trust of the complainant, but then he ceased communication.

When the complainant tried contacting Chaukhande, there was no response. Sensing fraud, the victim reported the case to the Hadapsar police.

During the investigation, it was revealed that Chaukhande had scammed a total of 43 individuals, promising them significant returns on their stock market investments. He had used his investment guidance classes as a front to attract and deceive these victims.

Following the complaint, the police, led by Deputy Commissioner R. Raja and Assistant Commissioner Ashwini Rakh, along with Senior Police Inspector Santosh Pandhare and Crime Branch Inspector Nilesh Jagdale, arrested Chaukhande.

The investigation team, headed by Assistant Inspector Arjun Kudale and Sub-Inspector Mahesh Kawale, played a key role in tracking him down. Chaukhande has since been handed over to the Economic Offenses Wing for further interrogation and investigation.

Such fraudulent schemes have been on the rise in Pune, with investment guidance classes often being used as a front.