The arrest of an accused who allegedly orchestrated a multi-crore investment fraud despite having only a Class 12 education has once again highlighted how organized and sophisticated cyber and financial crimes have become. The Economic Offences Wing (EOW) arrested Guru Prasad Shankar Chavan from Palghar for allegedly duping hundreds of investors in the name of share trading.
According to investigators, the accused, despite limited formal education, executed a well-planned scheme to lure investors and defraud them on a large scale. Police said he claimed to operate a company network under the name “Pimax Global” and projected himself as an international investment expert to gain credibility and trust.
Chavan and his associates reportedly organized seminars in luxury hotels across the state, where they promised investors monthly returns of 10 to 12 percent. Through fabricated presentations and manipulated profit data, they convinced people that their investments were secure and would yield rapid growth. Industrial workers and salaried individuals were specifically targeted, as they were more likely to be attracted by the promise of quick and high returns.
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Fake Global Firms, Vanishing Accused
The case came to light after a complaint was filed by a woman investor, who alleged that she had been cheated of approximately ₹2.1 crore along with several others. Following the complaint, a case was registered and the investigation widened. As the probe progressed, it became clear that the fraud was not an isolated incident but part of a larger network involving multiple victims and transactions worth several crores.
Investigators also revealed that the accused attempted to strengthen his credibility by claiming that he operated 13 companies in Dubai and Mauritius. These supposed international links were used to convince investors that their money was being invested in foreign markets, thereby generating higher returns. This narrative played a crucial role in persuading victims to invest larger sums.
After the case was registered, the accused went into hiding and switched off all his mobile phones to evade arrest. However, the investigation team managed to obtain a critical lead through technical surveillance. Police discovered that a mobile number linked to one of his bank accounts was intermittently accessing the internet. Using this digital trail, they were able to track his movements and narrow down his location.
Arrest, Lavish Lifestyle, and Ongoing Probe
Following continuous monitoring, the police team reached Palghar and, with local assistance, set up a two-day surveillance operation. The accused was eventually arrested from near a posh residential society. Officials said he had been living in a rented bungalow and frequently changing locations to avoid being caught.
Further investigation revealed that the accused had been leading a lavish lifestyle using the defrauded money. He allegedly purchased three luxury flats in Virar and Thane and spent around ₹2 crore on high-end vehicles. These assets are now under scrutiny as part of the financial investigation.
The case also names the accused’s wife and several other associates. While some accomplices are already in custody, the role of others is still being examined. Authorities are also trying to determine the geographical spread of the network and identify additional individuals who may have been involved in the operation.
This case serves as a stark reminder of the risks associated with investing in schemes that promise unusually high returns without proper verification. Experts emphasize the importance of checking the legitimacy and registration of companies before investing, especially in unregulated or unfamiliar platforms.
At present, investigating agencies are continuing to probe the full extent of the network. Officials believe that more revelations are likely in the coming days, which could further expose the scale and structure of this multi-layered fraud operation.
