26 November,2010 08:19 AM IST | | Kaumudi Gurjar
Files police complaint saying couple asked him to invest in food processing business but did not make good on promise of returns
A 75-year-old Switzerland-based NRI has lodged a police complaint against a couple for duping him of $2,50,000 (about Rs 1.14 crore) after luring him into investing in a food processing business with the promise of steady returns.
According to the complaint filed by Hari Bhaskar Kale, a retired engineer who lives in Switzerland, he met Rajendra Kulkarni and his wife Medha in 2004.
6.5% returns
The couple ran a company named Rajyog Enterprises and proposed an investment by Kale to start a new food processing unit, Rose Enterprises.
The couple asked Kale to invest $2,50,000 and he was promised 6.5 per cent returns every year.
After the deal was finalised, the couple also promised to pay back 50 per cent of his investment in the first four years of the business and the remaining amount in the fifth year.
The Kulkarnis are residents of Patwardhan Baug in Karvenagar and are yet to be arrested.
"Kale received the initial amount on time, but after that the accused defaulted on the payment," said API SD Deshmukh, the investigating officer. "We are yet to get the details on the exact timeline of this as to when the project started and since when Kale started getting the returns."
No arrests yet
Kale filed the complaint at the Kothrud police station through his brother Sadashiv Kale, a resident of Andheri in Mumbai.
"We will get all the details of the case when we record the statement of the complainant after he arrives in Pune on Friday from Bengaluru," said Deshmukh.
The couple has been charged under IPC Sections 406 (criminal breach of trust) and 420 (cheating).
"Both the accused are yet to be arrested," said Senior Police Inspector Chandrakant Ghodke of the Kothrud police station.
