Chit fund scam in Maharashtra: Mahesh Motewar’s assets worth ₹207 crore scheme
Mumbai city news: Chairman and managing director of Samruddha Jeewan Group, Motewar has been under arrest for duping investors since 2015.mumbai Updated: Jun 13, 2017 00:45 IST
The Enforcement Directorate (ED) has attached assets worth Rs207 crore, including a helicopter, in connection with a multi-crore ponzi scheme involving accused Mahesh Motewar and his family.
Chairman and managing director of Samruddha Jeewan Group, Motewar has been under arrest for duping investors since 2015.
His assets have been attached in four states, indicating the magnitude of the scam. It includes a Bel 206 B3 helicopter worth Rs3.43 crore, Hotel Orchard at Apte road in Shivaji Nagar, Pune Hotel Le Royale residency in Hinjewadi,Pune, Orchard resorts at Kalewade on Pune-Satara highway. The ED said that the money from the scheme was passed on to various group companies for expansion of other businesses like construction, media, hospitality, software and for personal comforts.
“The funds were used to acquire immovable properties, ranging from land, commercial complexes, hotels, resorts, flats, bungalows and movable properties,” said an ED officer.
The CID, Pune, found that Motewar and his two wives had duped more than 20 lakh small investors across India through business schemes like rearing, sale and purchase of live stocks.
They lured people to invest money by falsely promising unreasonably high returns and generated funds more than Rs3,500 crore. “A lot of famers had invested in the schemes and were cheated,” said the officer.
Motewar floated M/s. Samruddha Jeevan Foods India Ltd. (SJFIL), which purchased these properties .ED said that a huge amount was collected as deposits from investors and was never refunded. “This was a smokescreen to collect huge funds from lakhs of investors, mainly in cash,” said the officer.
Investigations revealed that the illegal collection and laundering through a web of 34 companies. These properties were purchased in the name of the main company M/s. SJFIL Pune, and many of its associated companies like M/s. Prosperity Agro India Ltd (PAIL), M/s. Samruddha Jeevan Multistate Multipurpose Co-op. Society Ltd (SJMMCSL), M/s. Samruddha Jeevan Constructions Pvt. Ltd., M/s. Jeevan Jyoti Construction Pvt. Ltd., M/s. Samruddha Jeevan Orchard Resort Pvt. Ltd., SJ Hotels and Hospitality Pvt Ltd. Various properties were purchased in the name of Mahesh Motewar and his family members.