Cops bust Rs 100 crore investment scam in Nagpur, 11 held

The masterminds of the racket, Vijay Ramdas Gurnule (35) and Devendra Bhimrao Gajbhiye (34), have been arrested along with their nine accomplices

Published: 26th November 2020 06:53 PM  |   Last Updated: 26th November 2020 06:53 PM   |  A+A-


For representational purposes (File Photo | EPS)


NAGPUR: Police on Thursday claimed to have unearthed a major scam in Nagpur and arrested 11 persons for allegedly duping over 25,000 investors from different states of the country to the tune of Rs 100 crore.

The masterminds of the racket, Vijay Ramdas Gurnule (35) and Devendra Bhimrao Gajbhiye (34), have been arrested along with their nine accomplices, DCP (zone 1) Nurool Hasan said.

"The duo had founded Metro Vision Buildcon company in Nagpur in 2015 without any permission from the authorities. They devised a plan for chain marketing under which people asked to invest Rs 3,000 for getting its membership," he said.

"Each investor would get Rs 730 per month as commission for adding three members. The scamsters floated several such schemes in 2020 and duped more than 25,000 investors not only in Maharashtra, but also in Chhattisgarh, Madhya Pradesh and some other states," the official added.

"After duping the investors to the tune of Rs 100 crore, the fraudsters hid some of the cash at different locations.

One such place was traced in Amravati, from where Rs 48 lakh were recovered from a house of Gurnule's relative.

The cash was buried and was recovered after digging a two-feet deep pit," he said.

The police have so far recovered Rs 1.03 crore cash from Gurnule and his accomplices, the DCP said.

"After the arrest of Gurnule on November 19, he told the police about various locations where the cash was hidden," Hasan said.

All bank accounts of Gurnule have been sealed and the police have written to all banks and asked them to freeze the accounts linked to Gurnule and the company, he said.

Police are also taking help of software experts to unearth of transactions done through net banking, he added.

Other accused have been identified as Gyaneshwar Bawne, Jeevandas Anandrao Dandare (52), Ramesh Surajlal Bisen (38), Atul Yuvraj Meshram (29), Avinash Mahadevrao Mahadole (38), Raju Nagorao Mohurle (48), Shrikant Keshav Nikure (24) Another police official said that Gurnule used to hold a lucky draw every month at a three star hotel in Nagpur.

"He had gifted cars, bikes, computers, laptops, smart TVs, fridges, washing machines and expensive items to some of the investors," he said.

Further investigation into the case is on.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp