Pune : Many people lodge police complaint against builder Amit Lunkad, Amol Lunkad and Pushpa Lunkad

Accused lured investors by promising 1.5 pc returns per month on investment, cheated them

Pune: Many people have lodged complaints of cheating against city-based developers Amit Kantilal Lunkad, Amol Kantilal Lunkad and Pushpa Kantilal Lunkad at the Economic Offences Wing of the Pune City Police.

The complainants alleged that they were promised a better-than-market rate on returns of 1.5 pc per month on investment. The accused accepted crores of rupees but have not been returning money to investors for some years now. The EOW is investigating the matter.

The complaints stated that investment was accepted by the firm Lunkad Realty now known as Sky One Corporate Park. According to the complaint lodged by Pravinchand Jain with the EOW, Jain came from Delhi and settled in Pune in 2009. He met Kantilal Lunkad at the former’s office. Since then, they know each other as a part of business dealings.

Later, Lunkad Realty won Jain’s confidence by promising good returns in various deposit and investment schemes. Amit and Amol Lunkad promised to give 1.5 pc per month return on investment. They also promised to pay regular interest on investment. The Jains invested Rs 1.25 crore in the name of Pravinchand Jain, Rs 1.04 crore in the name of Rekha Jain, Rs 1 crore in the name of Ritesh Jain, Rs 1.60 crore in the name of Ruchi Jain, Rs 63 lakh in the name of Shilpa Jain and Rs 1.09 crore in the name of Abhik Jain. Thus, their total investment amounted to Rs 6.61 crore in 2014-15.

Initially, the firm paid regular interest on investments. It became irregular after 2019. Therefore, the Jains spoke to the Lunkads on the phone and by sending reminders from time to time demanding interest on investments. Amit Lunkad promised to pay interest. On September 24, 2024, the firm issued cheques to pay interest. However, the cheques bounced due to insufficient funds in Lunkad Realty’s account. The banks recovered a heavy fine for bounced cheques. Thus, the Jains were cheated of over Rs 13.42 crore, including the principal amount of Rs 6,81,32,150 and the interest on it.

Similar complaints have been lodged by many people with the EOW. DCP (Cyber & EOW) Vivek Masal said, “We have received many complaints of cheating and are investigating them.”