Pune : deccan express – Vishal Phate who cheated many investors from Barshi, Solapur areas of crores of rupees by promising high returns in ‘stock markets’ surrendered before the police on Monday. (Vishal Phate Scam)
Phate, the director of Vishalka Consulting Services, went directly to the SP office and surrendered on Monday evening. He was arrested and was produced before the Barshi Additional District and Sessions Court.
Five people lodged complaints against Phate on the fourth day on Monday after the scam came to light. The complaints stated that he cheated them of Rs 25 lakh. In all, 81 such complaints have been lodged at the Barshi police station till date involving over Rs 18.78 crore.
The police have booked five people, including Phate, for cheating. Two arrests have been made so far.
Kingpin Vishal Phate of Barshi won the confidence of investors initially by paying returns with interest on their investments. He promised them manifold returns on their investment in the stock market. The number of investors grew exponentially. Later, Phate disappeared from Barshi. On January 14, the first offence was registered on the complaints of cheating lodged by five people involving Rs 5.63 crore. On the next day, complaints mentioning investments of over Rs 11.07 crore were lodged.
In all, 81 people lodged complaints till date involving an amount of over Rs 18.78 crore.
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