The Nagpur Rural Police have uncovered a massive fraud exceeding Rs 10 crore and arrested directors of Ecorange Green Energy Solutions Pvt Ltd. More than 200 investors hailing from Nagpur, Amravati, Nanded, Wardha, and Madhya Pradesh have been duped in this fraudulent scheme since 2019. The arrested directors have been identified as Ishwar Seshrao Bhalavi, Shailesh Shankarrao Chaudhari, and Sachin Ramchandra Yawalkar, all residents of Nagpur district. Assistant Superintendent of Police (ASP) Anil Mhaske disclosed that the company’s office, situated in Bramhani near Kalmeshwar, was established in 2019 with a purported focus on solar panel installation. Their modus operandi involved seeking a tie-up with the government and later securing a loan from a nationalised bank.

 

However, prior to securing the tie-up, the accused launched a fraudulent scheme and recruited numerous agents. Under this scheme, investors were promised monthly returns ranging from 3 to 5 per cent, elaborated ASP Mhaske. Most of the investors are from Central India and they poured their hard-earned money into the scheme as they were buoyed by initial returns. After a brief period, the returns ceased which left investors empty-handed. Furthermore, the company’s office ceased functioning which aroused suspicion among investors, who initiated inquiries. Despite their efforts, the company failed to reimburse any amount to the aggrieved investors, said ASP Mhaske.

 

The investors lodged a complaint with the Kalmeshwar Police. ASP Mhaske meticulously investigated the case and registered the case under Sections 420 (cheating), 406 (criminal breach of trust), 467 (forgery of valuable security), 468 (forgery for the purpose of cheating), 471 (using a forged document as genuine), and 34 of the Indian Penal Code, in addition to Section 138 of the Negotiable Instruments Act 1881. Furthermore, proceedings have been initiated under Section 3 of the Maharashtra Protection of Depositors Act, 1999. ASP Mhaske appealed to other victims of this scam to step forward and report their grievances to Kalmeshwar Police officials.