In Kolhapur, police have arrested a director and an agent of a real estate investment firm for allegedly defrauding investors of Rs 99 lakh. The firm is accused of promising monthly returns of 10%, which led to significant financial losses for the investors involved. This incident highlights potential risks in real estate investment schemes that offer unusually high returns, raising questions about regulatory oversight in the sector.
The accused, identified as Vaibhav Joshi and Rupesh Gaikwad, allegedly collected investments between 2021 and 2023 before failing to return the money. The case was registered at the Shahupuri police station last year on a complaint filed by investor Manoj Gaikwad of Kasba Bawda under IPC sections 406, 420 and 34. Police investigations revealed that Joshi had left his registered address, sold his house in Pachgaon and was living under the assumed name of Vaibhav Patil. You Can Also Check: Gold Rate in Kolhapur | Silver Rate in Kolhapur | Bank Holidays in Kolhapur | Public Holidays in Kolhapur Stay updated with the latest Kolhapur news.
Local crime branch inspector Sushant Chavan said, “We received information that the main accused was arriving in the Udyamnagar area. “Both were transferred to the Shahupuri police station and subsequently arrested,” Chavan said. Police said further investigation is underway to ascertain the extent of the fraud and identify other victims.
Both accused had been absconding since the case was registered. A team detained Joshi. During questioning, we got the address of Gaikwad and detained him as well. Download the TOI App.
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