The Colaba police have apprehended a married couple accused of defrauding a police constable and his spouse of Rs 35 lakh. The duo allegedly lured the victims into investing in fictitious online shopping and gambling businesses.
Pankaj Masand, aged 45, and his wife Namrata Chandramani, 42, were taken into custody by the Colaba police from their Dadar counterparts, who had previously arrested them in a similar cheating case.
How the Fraud Unfolded
Police constable Atul Arun Bagwe first encountered Pankaj Masand in February 2023 through a colleague. Masand presented himself as a successful businessman with interests in casinos in Goa and an authorized gambling company, claiming he could generate substantial profits through investments.
Masand and his wife later introduced Bagwe to an alleged online shopping venture named Jiyaram Enterprises, operating from Prabhadevi. They persuaded Bagwe and another individual named Jagdale to invest in the business, promising high returns.
Bagwe obtained a loan of approximately Rs 13 lakh and transferred the funds to bank accounts specified by Masand and other unidentified persons. Bagwe's wife was made a partner in the company alongside Namrata. However, the accused consistently avoided disclosing details about the company's operations or bank accounts.
Masand later informed Bagwe that part of the invested money had been diverted to a gambling company called ‘Jeetwin' to generate higher returns. Additionally, Masand convinced Bagwe to pawn 11 tolas of gold belonging to him and his wife, purportedly to finance a business trip to Sri Lanka.
Repeated Evasions and Discovery of Fraud
Over the past two years, Bagwe's repeated demands for repayment or clarification about the investments were met with vague responses from the accused. He later learned that the Masands had allegedly sold their Colaba flat to multiple individuals, and a separate case had already been registered against them at the Colaba police station.
