Nagpur: Wathoda Police have registered a case against two individuals for allegedly cheating a 34-year-old man of over ₹42 lakh by luring him into a fraudulent share market investment scheme that promised high returns in a short time.

The complainant, Pankaj Devidas Waghmare, a resident of Bhiwapur in Nagpur district and currently living on N.T. Road, Shivneri, Pune, was approached by his relative, Vaibhav alias Shubham Rajkumar Pillewan (28), a resident of Plot No. 44, Sai Baba Nagar, Kharbi, Nagpur.

Vaibhav introduced Pankaj to another accused, Prasad Dattatray Suryawanshi (25), also from Sai Baba Nagar, Khareb, and currently residing in Wadsakar Layout, Jaitala. The duo claimed to be involved in stock market investments and promised high returns in a short span.

Initially, the accused credited small amounts of profit to the complainant’s wife’s bank account, thereby gaining his trust. Encouraged by the returns, Waghmare invested a total of ₹42,05,344 in the scheme. However, after a few transactions, the accused stopped paying profits and began avoiding communication.

Despite repeated requests, the accused failed to return the invested amount. Realizing he had been deceived, Waghmare filed a complaint with the Wathoda Police Station.

Based on the complaint and preliminary inquiry, PSI Patil has registered a case under Sections 420 (cheating) and 34 (common intention) of the Indian Penal Code. Further investigation is underway.