Pune Crime | Pranav Marathe of Marathe Jewelers arrested in Rs 5 crore fraud case, FIR against four family members

by Team Deccan Express
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Pune : Deccan Express Pune Crime | Kothrud police have arrested a former partner of Marathe Jewelers in a case of defrauding depositors of Rs 5 crore on the pretext of investing in Maratha Jewelers’ schemes.

Pranav Milind Marathe (age 26, resident of Rupali Apartment, Erandwane) is the name of the arrested accused. The police have taken this action as they did not show up even after sending notices from time to time. A case has been registered against Kaustubh Arvind Marathe (resident of Karvenagar), Manjiri Kaustubh Marathe, Nina Milind Marathe and others at Kothrud Police Station. A case has also been registered against Milind alias Balwant Arvind Marathe of Marathe Jewelers.

Shubhangi Vishnu Kute (age 59, resident of Shivteerth Nagar, Kothrud) has lodged a complaint in this regard. The incident took place between January 14, 2017 and January 2021 at Pranab Marathe Jewelers’ Lakshmi Road and Paud Road Kothrud branches. Pranab Marathe was a partner in Marathe Jewelers from 1 July 2014 to 30 November 2018. All the investors are senior citizens and their lifetime earnings are given as investment. During the argument, Assistant Public Prosecutor MB Wadekar argued that the accused had used the investors’ money for personal gain and was actively involved in the business.

An investigation by the police has revealed that the accused had invested cash, gold, silver, etc. in various schemes of Marathe Jewelers and also defrauded a total of 18 investors, including the plaintiffs. The case was registered on March 21, 2021.

The accused has not submitted the required details of personal as well as joint bank account. Wadekar also demanded that he be remanded in police custody for further investigation. The court accepted it. He has been remanded in police custody till August 18 by Special Judge S. S. Gosavi.


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