Nagpur police book Ramdevbaba Builders directors over alleged Rs 12.20 crore investment fraud

Sitabuldi police in Nagpur have registered a case against the directors and office-bearers of Ramdevbaba Builders and Developers Private Limited in an alleged fraud involving crores of rupees, in which people were lured with the promise of doubling their money on investment. According to the complaint, Rs 12 crore 20 lakh was invested in the matter.

The complaint was filed by Jugalkishore Tikamchand Gilda, a 64-year-old advocate from Gorepeth-Dharampeth. According to information from the police, it is alleged that people linked to the company told him about a special investment scheme and assured him that money put into it would double in just 28 months.

After this assurance of double the money in a short time, the complainant joined the scheme. According to the complaint, he invested a total of Rs 12 crore 20 lakh at different times between 2009 and 2012.

The complainant says that when the stipulated period ended and it was time to return the money, the accused allegedly persuaded him to invest again instead of paying. It is alleged that the matter dragged on in the hope of getting the money, but the complainant allegedly did not receive his full amount. It is also alleged that the promise of reinvestment was used to put off payment. The complainant then informed the police of the whole matter.

The complaint also makes another serious allegation. It says the accused allegedly prepared forged and fake documents for immovable properties belonging to the complainant and three other people, and on the basis of these documents the properties were sold to other customers.

According to facts that emerged in the police inquiry, there is apprehension that other investors in the area were also cheated in a similar manner. It is alleged that money was taken from people by promising huge profits. However, the number of other possible victims, the total amount they invested and full details of all transactions linked to the properties will become clear only after investigation.

On Gilda's complaint, Sitabuldi police have registered a case against six people under the relevant sections of the Indian Penal Code and begun an investigation. They are Gopal Chandak, Mohan Chandak, Sharadadevi Chandak, Ganesh Chandak, Shilpa Chandak and Sujata Chandak. The complaint gives the address of all the accused as Arvi, Wardha district.

The police will now have to examine the real nature of the investment scheme, the amount invested, the documents related to payment, the assurances of returning the money and the allegedly forged property documents. They will also find out to whom the properties were sold and which documents were used.

For now, the case rests on the allegations made in the complaint and the case registered by the police. The truth of the allegations will be clear only after the investigation. The accused's side and the final outcome of the police inquiry are yet to come.