Pune: The Bavdhan police on Saturday registered a case against a man and his son, hailing from Guntur in Andhra Pradesh, on charges of duping a 33-year-old CEO of an industrial automation and robotics company in the city of Rs3.98 crore. The victim was lured by the promise of high returns on his investments in the share market.Inspector Bhaskar Kadam of the Bavdhan police told TOI, “According to the complainant, the father-son duo were family friends. Initially, they returned Rs1 crore to him and gained his confidence. The duo then duped him by not returning Rs3.98 crore.”The economic offences wing (EOW) of Pimpri Chinchwad police is investigating the case.Kadam said that according to the complainant, the duo hail from Guntur district. The complainant’s mother and older suspect (father) used to teach together at a college in Nanded district. Their families have known each other since then.“The complainant stated that in Jan 2023, the man contacted them and said he and his son started a financial services firm in Andhra Pradesh. He assured them of good returns on their investments in the stock market through the firm,” Kadam said.The officer said the complainant believed them and decided to invest money in stocks through them. Between Jan 2023 and July 2024, the complainant transferred Rs4.98 crore to the suspects to invest in stocks. The complainant did not suspect anything as initially, the duo returned Rs1 crore to him.“The duo used to share details of the investments through fake email IDs posing as a prominent securities and trading firm,” the officer said.Kadam said the duo even sent a contact note (record of all transactions through stock brokers on the stock exchange) to the complainant, which later turned out to be fake.When the victim realised that he was being duped, he started asking them to return the money. When he did not get his money back, he approached the police and lodged a complaint. Pune: The Bavdhan police on Saturday registered a case against a man and his son, hailing from Guntur in Andhra Pradesh, on charges of duping a 33-year-old CEO of an industrial automation and robotics company in the city of Rs3.98 crore. The victim was lured by the promise of high returns on his investments in the share market.Inspector Bhaskar Kadam of the Bavdhan police told TOI, “According to the complainant, the father-son duo were family friends. Initially, they returned Rs1 crore to him and gained his confidence. The duo then duped him by not returning Rs3.98 crore.”The economic offences wing (EOW) of Pimpri Chinchwad police is investigating the case.Kadam said that according to the complainant, the duo hail from Guntur district. The complainant’s mother and older suspect (father) used to teach together at a college in Nanded district. Their families have known each other since then.“The complainant stated that in Jan 2023, the man contacted them and said he and his son started a financial services firm in Andhra Pradesh. He assured them of good returns on their investments in the stock market through the firm,” Kadam said.The officer said the complainant believed them and decided to invest money in stocks through them. Between Jan 2023 and July 2024, the complainant transferred Rs4.98 crore to the suspects to invest in stocks. The complainant did not suspect anything as initially, the duo returned Rs1 crore to him.“The duo used to share details of the investments through fake email IDs posing as a prominent securities and trading firm,” the officer said.Kadam said the duo even sent a contact note (record of all transactions through stock brokers on the stock exchange) to the complainant, which later turned out to be fake.When the victim realised that he was being duped, he started asking them to return the money. When he did not get his money back, he approached the police and lodged a complaint.
