A senior advocate and his family were cheated of Rs 12.20 crore after being promised that their investments would double within 28 to 29 months. Sitabuldi police have registered a case against six persons, including directors of Ramdevbaba Builders & Developers Private Limited. The complainant, Jugalkishore Tikamchand Gilda (64), is a resident of Gorepeth in Dharampeth, Nagpur.

 

He is a senior advocate and former Advocate General of the Jharkhand High Court. The accused have been identified as Gopal Harikisan Chandak, Mohan Harikisan Chandak, Shardadevi Harikisan Chandak, Ganesh Vitthaldas Chandak, Ramdevbaba Builders & Developers Private Limited, represented by its directors Shilpa Gopal Chandak, and Sujata Mohan Chandak. All are residents of Arvi in Wardha district. According to the complaint, Gilda initially invested Rs 80 lakh in 2009. The money was paid through cheques and cash. He was assured that the investment would yield substantial returns. He was also told that the amount would double within 28 to 29 months if the maturity proceeds were reinvested. Trusting the assurances, Gilda continued investing money. His wife and son also invested with him. Their total investment eventually reached around Rs 12.20 crore. However, when the family sought the return of their money, the accused began avoiding them.

 

The complainant alleged that the promised returns were not paid despite repeated demands. Instead of returning the money, the accused executed agreements for the purchase of land in favour of the investors. Gilda later found that the lands mentioned in the agreements had already been sold to other parties. This raised further concerns about the transactions. The family also received cheques from the accused towards repayment. However, the cheques were dishonoured, adding to their losses. Gilda had earlier approached the Economic Offences Wing (EOW) with a complaint. However, he was dissatisfied with the action taken and subsequently approached the court seeking legal intervention. Following an order passed by Special Judge Ashish Ayachit, Sitabuldi police registered a case against the six accused. The case has been registered under Sections 420, 409, 406 and 34 of the Indian Penal Code. Section 3 of the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act has also been invoked. Police are investigating the financial transactions and the allegations against the accused. The allegations are yet to be established in court.