Nagpur: The Economic Offences Wing (EOW ) of Nagpur Crime Branch on Friday arrested Bharat Shankar Shahu, one of the three accused, for allegedly floating shell companies and duping investors to the tune of Rs 30-35 crore by promising them high returns. Earlier, EOW had arrested Sushil Ramesh Kolhe in this connection. His brother Pankaj Kolhe, who too was booked in the case, is at large.
A resident of Plot No 5-C, Ram Vatika, Shivganga Colony, Bhilgaon, Yashodhara Nagar, Shahu (27) along with Sushil and Pankaj Kolhe, both residents of Wanjara, Kamptee Road, allegedly had floated AGM Corporation, AGM Digital Ltd, Janseva Mutual Benefit Nidhi Ltd, Sanjay Traders Pvt Ltd, Discovery & Media Family Foods, Sussex Life Project Multiple Marketing Pvt Ltd, Mohd Aslam Haji Munna Miya and other shell companies. They allegedly invited people to their Civil Lines office and lured them with a promise to double their invested amount in 18 months.
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Friday 31 Jan. 2025
The accused also assured high profits like fund sharing, royalty and bonus in other schemes. To gain the investors’ confidence, Sushil and Pankaj Kolhe had also entered into formal agreements with them. People, not only from Nagpur, but from different cities had parked money in their ponzi schemes. Later, Kolhe brothers and Shahu defrauded them of over Rs 30-35 crore by neither returning their invested money nor extending any benefit to them.
Following a complaint lodged by one of the victims Nagendrasingh Thakur from Madhya Pradesh, a case under Sections 406, 409,420, 34 of the Indian Penal Code, read with Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, was registered against Kolhe brothers and Shahu at Sitabuldi Police Station.
