Pune: A major financial fraud case involving alleged fake crude oil investment schemes has surfaced in Pune, where investors were reportedly cheated of nearly ₹6 crore after being promised extraordinary returns within a short period.
Police have registered a case at Baner Police Station against four individuals accused of convincing investors that their money would generate profits of up to ₹43 crore in just two months.
Leveraging Corporate Security and Personal Proximity
According to investigators, the complaint was filed by Kalidas Tukaram Gujar, a resident of the Bhumkar Chowk area in Wakad. The accused named in the FIR are Poonam Mahadev Shelke, Vinayak Mahadev Shelke, Inderjit Singh Uppal and Sourabh Chakravarti. Police said the accused are linked to Maharashtra, Punjab and Delhi.
Officials stated that the complainant works as a supervisor in a private securities company. During the preliminary inquiry, investigators found that Poonam and Vinayak Shelke allegedly had close family ties with some officials and management members associated with the company. Police believe the accused used these personal connections to gain trust and persuade the firm to invest large amounts of money in the proposed business ventures.
According to the complaint, the accused claimed they were involved in large-scale crude oil trading and international energy-related businesses. They allegedly assured investors that substantial profits could be earned within a short duration through investments in crude oil and global commodity operations.
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Multi-Phase Capital Infusion and Non-Existent Returns
Investigators said the complainant’s company initially invested approximately ₹2.94 crore after being convinced by the accused about the legitimacy and profitability of the venture. However, despite repeated assurances, neither the principal amount nor the promised returns were paid back.
The accused later allegedly introduced another investment proposal linked to a company identified as “Vizar Arrix.” According to the complaint, investors were told that the project would generate profits worth nearly ₹43 crore within two months. The proposal was allegedly presented as a high-value international energy investment opportunity capable of delivering unusually high returns in a very short time.
Police said the company, relying on the representations made by the accused, invested an additional ₹2.84 crore in the second phase. However, this amount also allegedly remained unpaid. The complainant claimed that repeated attempts to recover the money failed and the accused eventually began avoiding communication and delaying repayment.
EOW Multi-State Transaction Mapping
Officials believe the case appears to involve a planned economic fraud rather than a routine investment dispute. The investigation has now been transferred to the Economic Offences Wing (EOW), which is examining banking transactions, digital communications, investment agreements and the broader financial network linked to the accused.
Investigators are also trying to determine whether similar investment schemes were used to target other companies or individuals. Preliminary findings suggest the accused may have used exaggerated profit claims and references to international crude oil markets to create credibility and attract investors.
Financial crime experts say frauds involving promises of unrealistic returns have increased significantly in recent years. In many such cases, fraudsters use buzzwords linked to global commodities, cryptocurrency, foreign investments and energy trading to lure victims into high-risk or fake investment schemes.
Global Commodities Buzzwords and Referral Risk
Authorities are expected to conduct forensic scrutiny of bank accounts, transaction trails and digital records associated with the accused. Investigators are also verifying whether shell companies or layered financial channels were used to move or conceal the allegedly defrauded funds.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said promises of “multi-fold profits within a short period” are often a classic warning sign of organized financial fraud. He advised investors to independently verify a company’s legal status, regulatory approvals and financial background before transferring money into any investment scheme.
Experts also warn that many fraudulent investment operations rely heavily on personal trust networks, referrals and informal business relationships to attract victims. In several cases, fraudsters initially build confidence through personal connections before convincing investors to commit large sums.
Police officials said further arrests or financial disclosures may emerge as the probe progresses. Investigators are currently analyzing transaction records and communication data to identify the complete operational structure of the alleged investment fraud network.
