Fraud case filed against Pethe jewellers in Pune
Fraud case filed against Pethe jewellers in Pune
The accused have been booked at Kothrud Police Station under sections 420, 406, and 34 of the Indian Penal Code.
19 June 2024
A substantial financial scam amounting to ₹50 lakh has occurred, involving Parag Chandrakant Pethe and Tanay Parag Pethe, owners of Pethe Jewellers. The duo allegedly enticed a businessman with promises of diamond necklaces and bangles at lower costs, driving him into investing in their business. The accused, residing in Karve Nagar, have been booked at Kothrud Police Station under sections 420, 406, and 34 of the Indian Penal Code.
Vinod Devendra Vinod Chandra Shah (49), a Parvati Darshan resident, submitted a complaint on June 18 stating that the crime happened at the Pethe Jewellers store in Ideal Colony’s Chitralekha Chambers between 2017 and 2024. Shah was lured in by Parag and Tanay with discounted diamond jewels and convinced to invest ₹60 lakh in the company, with ₹35 lakhs coming through RTGS and ₹25 lakhs in cash, along with a legal contract signed on official letterhead.
Despite this agreement, Pethe Jewellers failed to deliver the promised diamond bangles and necklace. Parag Pethe made excuses in response to Shah’s repeated requests for things. Shah ultimately asked for his ₹60 lakh investment back, and Parag gave him back 10 lakh while stating he would return the rest shortly. The fraud complaint has been registered since the due ₹50 lakh has not been reimbursed. Kothrud Police are looking into the matter thoroughly and senior police inspector Chaitanya Katkar will be supervising the investigation.
