Kolhapur | A financial fraud has been reported from Kolhapur district in Maharashtra, where a 78-year-old retired employee was allegedly cheated of ₹31.5 lakh in the name of a fake labour supply contract partnership. The accused allegedly lured him with promises of business tie-ups with Mumbai-based companies and assured high monthly returns.
The victim, Mahavir Gajanan Moog, a resident of Sunday Bazaar area in Kolhapur, was contacted through his son’s acquaintance. The accused, Sanjay Ramchandra Wadekar, originally from Bellori in Yavatmal and currently based in Kharghar, Navi Mumbai, introduced himself as a contractor with access to large labour supply deals.
FCRF Academy Launches Premier Anti-Money Laundering Certification Program
He allegedly convinced the retiree that he had secured contracts with two Mumbai companies and was seeking investment partners. He assured steady returns, prompting the victim to trust the proposal.
Between September 19, 2020 and October 5, 2021, Moog transferred a total of ₹31.5 lakh in seven instalments to two different bank accounts provided by the accused.
Investigators said the accused initially maintained regular contact and kept assuring progress. However, he later began avoiding communication and repeatedly delayed signing any formal agreement, raising suspicion.
Despite repeated requests for documentation and returns, the accused allegedly continued delaying tactics. It later became evident that no real labour supply contract existed and the proposal was entirely fraudulent in nature.
The victim then approached court seeking justice after failing to recover the money. Acting on court orders, Shahupuri Police registered a case and initiated a formal investigation against the accused under relevant sections of cheating and fraud.
Police are now tracing the accused and examining the bank accounts used in the transactions. Officials are also investigating whether other individuals were involved in the fraud network or assisted in routing the funds through multiple channels.
Preliminary probe suggests the accused may have used similar methods to target other victims by offering fake partnership opportunities. Investigators believe multiple bank accounts were used strategically to avoid detection and delay financial tracking.
Experts note that such frauds often rely on building trust through personal connections and promises of guaranteed returns without proper documentation. Retired individuals are frequently targeted as they may be more vulnerable to investment-linked assurances.
Authorities have advised citizens to verify investment offers, insist on written contracts, and avoid transferring funds based solely on verbal commitments. They warned that fraudsters often exploit personal networks and emotional trust to execute such schemes.
The case adds to a rising number of investment-related fraud incidents reported in Maharashtra, where fake partnership and labour contract schemes are increasingly being used to siphon large sums of money from unsuspecting individuals.
