Pune, Mar 18 (PTI) The Pune police has registered a case against a man for allegedly luring investors with a promise of big returns and cheating them to the tune of Rs 300 crore, an official said on Saturday.

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The Bundgarden police on Friday registered an offence under relevant provisions of the Indian Penal Code and Maharashtra Protection of Interest of Depositors (MPID) Act based on a complaint lodged by an investor who allegedly lost Rs 36 lakh in the fraud, the official said.

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Preliminary investigations into the complaint revealed that the accused had allegedly cheated at least 200 investors by taking loans in their names, he said.

The accused operated a firm called Ashtavinayak Investment in Camp area of the city and lured people with a promise of getting them huge returns on their investment, the official said.

The accused took loans in the name of investors and told them that the loan amount will be invested in the firm itself and they see big returns and they would not have to repay the loans, he said. No arrest has been made in the case so far and further probe is underway, the official added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)