Pune investors lose Rs 2.7 crore in fraud

Three men were arrested by Wanowrie police for a fraud involving 113 investors from Pune, Mumbai, and Thane. These individuals were tricked into investing a total of Rs 2.66 crore in garbage disposal vehicles. The fraud took place between October 15, 2024, and March 24, 2025. The suspects lured investors with promises of high returns by renting out vehicles to a fake solid waste management company. This company claimed to have a contract with a municipal council in Satara district, which turned out to be non-existent. Most victims were from middle-class families or small businesses. Many bought three- and four-wheel vehicles or even earthmovers, either individually or in groups. When the promised returns never came, the investors discovered that their vehicles had been sold to others using forged documents. At least 50 victims invested Rs 2 lakh each. Currently, the police are still searching for the main suspect and three others who are on the run. Many of the arrested individuals had previously worked together at a private firm. The kingpin is also linked to a 2020 fraud case in Chatushrungi police. Investigations revealed the group created a fake solid waste management company and had set up ads on social media to attract investors. As the firm shut down and the suspects disappeared, many investors filed complaints with the police. An initial investigation has begun, and the police expect the total fraud amount to rise as more victims come forward. The arrested men were placed in police custody until April 2 to aid in recovering the lost money and gathering further evidence.