Nagpur Nephrologist Faces Allegations of Rs5 Crore Pharmacy Investment Fraud
A prominent nephrologist from Nagpur has been accused of cheating four investors of approximately Rs5 crore in a failed pharmacy business arrangement at his hospital. The case has been registered at the Sitabuldi police station, highlighting serious allegations of financial misconduct in the healthcare sector.
Details of the Alleged Fraudulent Scheme
According to the First Information Report (FIR), a 47-year-old pharmacy businessman from Manish Nagar has alleged that the doctor lured him and three other investors into investing in a hospital-based pharmacy shop back in 2019. The complainant, identified as Sameer Savwalakhe, stated that he and his associates were impressed by the hospital's strong reputation and agreed to pay a substantial deposit of Rs5 crore to the doctor to operate the pharmacy.
The Memorandum of Understanding (MoU) was formally signed on June 21, 2019. This agreement stipulated that 50% of the deposit, amounting to Rs2.5 crore, was non-refundable. The remaining 50% was supposed to be returned to the investors upon the liquidation or closure of the pharmacy business.
Key Promises and Alleged Breaches
The MoU included several critical terms and assurances that were central to the investment deal. These terms guaranteed a minimum monthly drug sales figure of more than Rs60 lakh, providing a sense of financial security and projected profitability for the investors. Furthermore, the doctor assured that no competing pharmacy would be permitted to operate on the hospital premises, effectively granting the investors an exclusive business opportunity.
However, the complainant has alleged that none of these promises were ever fulfilled. In a significant breach of the agreement, the doctor allegedly opened another pharmacy within the hospital, directly violating the exclusivity clause and undermining the investors' business.
Escalation of the Dispute and Police Action
When the investors realized that the promised terms were not being met, they demanded the return of their refundable deposit portion and threatened to shut down the pharmacy operations. In response, the doctor reportedly refused to return the funds, threatened the investors, and denied any wrongdoing. This refusal to honor the agreement led to the filing of the formal police complaint at the Sitabuldi police station.
The case underscores the risks associated with high-value business investments, particularly in sectors like healthcare where reputation and trust play crucial roles. The police investigation is now underway to examine the allegations and determine the validity of the claims made by the investors.
