Nagpur: A police complaint has been lodged against Vilas Sapate and Yashwant Kurve, owners of Shree Sadguru Builders & Developers, for allegedly defrauding around 500 investors. The complaint, filed at Ganeshpeth Police Station, seeks registration of an FIR under various provisions of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act.
Kiran Suganchand Madame, a 44-year-old resident of Laxmi Nagar, Nagpur, is among the duped investors. According to Madame, in 2011, Sapate and Kurve persuaded him to invest in their project located at KH-Mouza Pipla (Hudkeshwar), Nagpur, offering a plot measuring 1695 sq. ft. (Plot No. 74) in exchange for his investment. They also promised a 25% annual return on the investment.
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“At the time, they claimed to be reporters with the local ‘The Hitavada’ newspaper and showcased various side businesses, including investment schemes with high returns. They proposed ventures such as converting tribal (class-II) lands into class-I category lands for resale, acquiring disputed lands, and developing agricultural lands. Their presentations were convincing, and they assured us we would become partners in their lucrative new ventures,” Madame stated.
On October 22, 2011, Madame paid an initial booking amount of Rs. 5,000 to Shree Sadguru Builders & Developers. Following several delays, Sapate and Kurve executed a notarized agreement for the plot on November 28, 2011, while orally reaffirming their promise of a 25% annual return.
Despite numerous requests over the years, Madame has neither received the promised returns nor the plot. “Whenever I inquired, they assured me a big project was on the horizon and that I would reap significant benefits. Trusting their words, I, along with over 500 investors, remained patient,” Madame said.
In total, Madame invested Rs. 4,06,000 in the project but has received neither the interest nor the promised plot, even after 15 years. Frustrated by the unfulfilled commitments, Madame, along with five other investors, approached the Ganeshpeth Police Station and the office of the Police Commissioner, Nagpur. They have demanded the registration of offences against Sapate and Kurve under the BNS and MPID Act for allegedly duping investors.
The case has highlighted the plight of hundreds of investors who placed their trust in the promises of Shree Sadguru Builders & Developers. Investigations are expected to shed light on the extent of the alleged fraud and bring accountability to those involved.
