Saad Motors Fraud: Investors Duped with False Promises of High Returns

Charges filed against Rafiq Qalandar Khan (44), Sanobar alias Sauda Rafiq Khan (40), Isa Rafiq Khan (23), Abdul Rasheed alias Miftahi Qalandar Khan (48).
Saad Motors Fraud: Investors Duped with False Promises of High Returns
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Pune: In a significant fraud case, nine individuals have been defrauded of Rs. 1.16 crore by Saad Motors, a car sales business, with false promises of a 2-3% monthly return on investment.

Nisar Babulal Sheikh, a 55-year-old resident of Chintamani Nagar, Hadapsar, lodged a complaint at Kondhwa Police Station.

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Based on his complaint, charges have been filed against Rafiq Qalandar Khan (44), Sanobar alias Sauda Rafiq Khan (40), Isa Rafiq Khan (23), and Abdul Rasheed alias Miftahi Qalandar Khan (48), all residents of Bhagyoday Nagar, Kondhwa Khurd. This fraud has been occurring since 2020.

Police revealed that Saad Motors had an office in Mitha Nagar, where the accused enticed investors with promises of a 2-3% monthly return.

The complainant, along with Aniket Gaikwad, Hamid Babulal Sheikh, Julekha Sameer Sheikh, Azim Raju Bhai Mulani, Sandeep Badhe, Jahangir Pathan, Vishal Chavan, and Sameer Rajjak Sheikh, invested a total of Rs. 1,16,93,500.

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Despite the investment over the past four years, the accused failed to deliver the promised returns or return the principal amount. The victims have now turned to the police for justice.

A case has been filed under the Maharashtra Protection of Interest of Depositors Act, and Police Inspector Patil is leading the investigation.

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