Nagpur: The Kapil Nagar police have registered a case of cheating against one Nitin alias Balu Naranware (45) for allegedly defrauding 54 local investors of 53 lakh by promoting fake investment schemes. Complainant Ramdayal Shahu (46), a local businessman, said the accused promoted schemes such as ‘New Year Fund’, ‘Diwali Fund’, and ‘Dussehra Fund’. From December 8, 2023, to September 5, 2025, the accused collected cash from investors, and deposited the money into his bank accounts, said the complaint.
Shahu alleged that after the schemes matured, Naranware neither returned the principal nor paid any interest, betraying the investors. A case was registered under Sections 316(2) and 318(4) of the IPC, read with Section 3 of the MPID Act, 1999. Investigation is underway in the case.
