Pune’s Deccan Police have arrested one Sachin Ashok Pradhan for a fraud in mutual funds. Sachin has allegedly siphoned off Rs.2.44 crore from investors on the pretext of mutual fund investment.
The police action came in the wake of a complaint by Nilesh Kashinath Pendarkar, a resident of Pune, who had claimed that he had given a cheque of Rs.34.5 lakh to the accused to invest in an equity mutual fund. Pendarkar told police that he had neither received any units of the mutual fund scheme nor has he been issued any receipt of transaction.
On investigation, Deccan Police found that Sachin along with his father Ashok Pradhan had received close to Rs.2.50 crore from various investors who wanted to invest in mutual funds. However, according to the investigatory officer, the duo siphoned off these funds and did not invest in mutual funds.
Both Sachin and Ashok absconded when Police started its investigation. However, Deccan Police were able to arrest Sachin after a few days. The accused has been called for hearing on November 30.
Cafemutual could not ascertain whether Sachin is an ARN holder till the time of writing this piece.
