Thane: A major investment fraud worth nearly Rs 125 crore has come to light in Thane, leaving around 1,200 investors anxious about recovering their money. The accused, identified as Sagar Karivadekar, allegedly collected funds from investors by promising high returns through stock market investments and now remains absconding.

According to available information, Thane-based entrepreneurs Sachin Rane and Priti Rane had been conducting stock market training classes since the COVID-19 pandemic. Their sessions gradually gained popularity across Maharashtra, with many students claiming to have benefited from their guidance in trading and investment strategies.

“Taking advantage of this network, Sagar Karivadekar, a resident of Sawantwadi, reportedly approached several investors connected to us and promised high returns through stock market investments. For nearly three years, he allegedly delivered regular returns to investors. In many cases, investors recovered their principal amount and even doubled their investments, which strengthened trust in him,” explained Priti Rane, wife of Sachin Rane, in a press conference held on March 5.

Currently, both Sachin Rane and Sagar Karivadekar accused in the case, are absconding. According to the Rane family, the money was deposited directly into Karivadekar’s personal bank accounts. “We are not beneficiaries of these investments, and we too have invested money with him,” said Priti Rane.

About six months ago, Karivadekar allegedly stopped paying returns and soon became unreachable. As investors realized their funds were stuck, many began holding the Rane family responsible for the losses.

Priti Rane stated, “They have faced severe pressure, harassment, and protests from investors demanding repayment.”

Several complaints have since been filed with the Thane Police, and the Economic Offences Wing (EOW) has launched an investigation. Police have reportedly summoned Karivadekar multiple times, but he has not appeared and has only communicated through his lawyer.

Sachin Rane has appealed to investors to remain patient and cooperate with authorities in tracing Karivadekar so that strict legal action can be taken and efforts made to recover the investors’ money, Priti Rane concluded.