Pune: Directors of Real Estate Firm Booked for Rs 1.95 Crore Fraud in High-Return Investment Scheme

Pune:

The Sinhagad Road Police have registered a case against the directors of Varad Properties Solutions Pvt Ltd, accusing them of defrauding an investor of Rs 1 crore 95 lakh 52 thousand by promising substantial returns.

The accused, Mahesh Vijay Kunte (51) and his wife, Aparna Mahesh Kunte (48), both residents of Krishna Residency, behind Hotel Wadeshwar, near Law College Road, allegedly lured the investor with the prospect of high returns if he invested in their company.

In this case, Sadashiv Balkrishna Kulkarni, a 64-year-old resident of Vadgaon’s Sun Satellite complex, filed the complaint against both the accused. According to the complaint, the alleged fraud took place between 2019 and 2024 at the Navale IT Zone office of Varad Properties Solutions’ Pvt. Ltd.

As per the complaint, the accused, Mahesh Kunte, initially approached Kulkarni in 2019, promising substantial returns on investments in their company. Believing in the promises made, Kulkarni invested a total of Rs 1.76 crore over time. The agreement stipulated that the accused would return Rs 19 lakh 52 thousand as profits on the investment. However, the accused failed to fulfil these obligations, resulting in a total fraud amounting to Rs 1 crore 95 lakh 52 thousand.

The Economic Offences Branch has taken up the investigation, with Senior Police Inspector Magar leading the probe.