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Maharashtra: Retired IPS Officer Duped of ₹50 Lakh in Dubai Investment Scam; Main Accused a Repeat Offender

The complaint was filed by Maruti Shankarrao Maheshgouri, a resident of Vishalnagar, Wakad, who alleged that two individuals - Rajeev Ashok Kendre, currently residing in Dubai, and Harshal Ashok Kulkarni, a resident of Kothrud - conned him by promising a monthly return of ₹4.5 lakh on his investment.
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Pune: In a startling case of financial fraud, an 80-year-old retired IPS officer has alleged he was cheated out of ₹50 lakh after being lured into investing in a Dubai-based firm with promises of high monthly returns. The case, which also involves another victim who reportedly lost ₹1.5 crore, has been registered at the Deccan Police Station, prompting a full-scale investigation.

FIR Details

The complaint was filed by Maruti Shankarrao Maheshgouri, a resident of Vishalnagar, Wakad, who alleged that two individuals – Rajeev Ashok Kendre, currently residing in Dubai, and Harshal Ashok Kulkarni, a resident of Kothrud – conned him by promising a monthly return of ₹4.5 lakh on his investment.

From 2021 to 2023, Maheshgouri transferred ₹50 lakh to the accused, expecting regular payouts. However, no returns were received, and the funds were allegedly misappropriated by the duo.

Repeat Offender and Larger Scam

According to Senior Police Inspector Girisha Nimbalkar, investigations revealed that Rajeev Kendre is a repeat offender, with prior fraud cases registered against him at Wakad and Hinjewadi police stations. Police believe the scam may have wider ramifications, as a second investor has also claimed to be defrauded of ₹1.5 crore in a similar manner.

An investment fraud was committed under the pretext of offering a monthly return of ₹4.5 lakh on an investment of ₹50 lakh. So far, we have received complaints from two individuals. If anyone else has been defrauded by the accused in a similar manner, they are urged to contact the Deccan Police,” said Inspector Nimbalkar.

Legal Action Underway

A case has been filed under relevant sections of the Indian Penal Code (IPC) along with provisions of the Maharashtra Protection of Interests of Depositors (MPID) Act, which is specifically aimed at tackling financial frauds involving public investments.

The Deccan Police are actively pursuing leads and have appealed to the public to come forward if they have been similarly duped.

This case underscores the importance of financial vigilance, particularly among senior citizens and retired professionals, who are often targeted by scammers with promises of quick, high returns.


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