FIR Filed Against Ramdev Baba Builders Directors for ₹12.20 Crore Fraud
Five directors of Ramdev Baba Builders face allegations of defrauding a former Advocate General in a significant investment scam.
Five directors of Ramdev Baba Builders are accused of cheating ₹12.20 crore.
The investment scheme promised returns within 29 months but failed to deliver.
The case was registered following a court directive under the MPID Act.
In a significant legal development, the Sitabuldi Police in Nagpur have filed a First Information Report (FIR) against five directors of Ramdev Baba Builders and Developers Pvt. Ltd. The FIR alleges that the directors defrauded Jugal Kishore Gilda, a former Advocate General of Chhattisgarh, along with his family, out of ₹12.20 crore in an investment scheme that promised substantial returns.
The FIR was lodged following a directive from the Maharashtra Protection of Interest of Depositors (MPID) court, which mandated police action under the MPID Act and relevant cheating laws. The accused individuals, identified as Gopal Harikishan Chandak, Mohan Harikishan Chandak, Shardadevi Chandak, Ganesh Vitthaldas Chandak, and Sujata Mohan Chandak, are all residents of Arvi in Wardha district.
According to the complaint, the Chandak family had a long-standing relationship with Gilda and his family. The investment scheme reportedly began in 2009, with promises of doubling the invested money within 28 to 29 months. Trusting these assurances, Gilda, his wife Sunita, and their son Anup invested a total of ₹12.20 crore through various means, including cash and cheques.
However, when the investment period concluded, the family did not receive either their principal amount or the promised returns. The situation worsened when the post-dated cheques issued by the accused as security bounced. Furthermore, an agreement to transfer property to the investors was found to be invalid, as the property had already been sold, raising concerns about the recovery of the invested funds.
After the failure to recover their investment, Gilda approached the police, and when no action was taken, he escalated the matter to the Economic Offences Wing (EOW). The case was eventually brought before the MPID court, which ordered the police to register the FIR and initiate an investigation. The allegations against the directors are currently under investigation, and the legal proceedings will determine the outcome of this case.
