Nashik Astrologer Accused of Multi-Lakh Rupee Stock Market Fraud, Suspected to Have Fled to Dubai
In a shocking case of financial deception, an astrologer originally hailing from Amravati and residing in Nashik for the past eight years has been accused of cheating a local grocer out of a staggering Rs 73 lakh. The fraudulent scheme revolved around false assurances of massive profits in the stock market, leading the victim to file a formal complaint with the police on Tuesday.
Details of the Fraudulent Investment Scheme
The complainant, a grocer from Nashik, revealed that he began making payments to the astrologer starting in April 2025. According to his statement, the astrologer organized both in-person meetings at his city office and online sessions, where he consistently promised enormous returns if investments were channeled through him into the stock market.
The astrologer initially provided nominal returns on the invested funds, which served to build a facade of legitimacy. However, he later aggressively urged the grocer to inject more capital into the share market, escalating the financial commitment. The victim ultimately paid a total of Rs 73 lakh, but investigations suggest this might be just the tip of the iceberg.
Legal Action and Police Investigation
Based on the detailed complaint, the cyber police unit of Nashik has registered a First Information Report (FIR) under multiple legal provisions. The charges include:
- Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) for cheating.
- Section 316(2) of the BNS for criminal breach of trust.
- Relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999.
- Provisions of the Information Technology Act to address the online aspects of the meetings.
Inspector Sanjay Pise of the Nashik cyber police station provided critical updates on the case. "The astrologer abruptly shut down his office in recent weeks," Pise stated. "We have received intelligence reports indicating he may have escaped to Dubai. Our teams are actively working to trace his whereabouts."
Broader Implications and Appeal to Other Potential Victims
The investigation has uncovered that the astrologer likely solicited substantial investments from numerous other individuals, primarily his existing clients. Inspector Pise emphasized that while only one formal case has been registered so far, there is a strong possibility that many more investors have been similarly defrauded.
Authorities are urging anyone who may have fallen victim to this scheme to come forward immediately. Potential complainants should approach the city police's cyber police station located on Gangapur Road, near the police commissionerate in Nashik, to file their reports and assist in the ongoing probe.
This case highlights the risks associated with unverified investment advice and underscores the importance of due diligence, especially when dealing with promises of unusually high returns in volatile markets like stocks.
