HC raps eow for inaction in Rs 80-cr scam

The Bombay high court, on Wednesday, rapped the Economic Offences Wing (EOW) of the Mumbai police for “total inaction” in yet another ponzi scheme case involving investments of over Rs80 crore.

The Bombay high court, on Wednesday, rapped the Economic Offences Wing (EOW) of the Mumbai police for “total inaction” in yet another ponzi scheme case involving investments of over Rs80 crore.

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“We find total inaction on part of the EOW in this matter,” the division bench of justice Ranjana Desai and justice Rajesh Ketkar observed while hearing a public interest litigation filed by Vijay Gehi, one of the thousands, who fell prey to lucrative schemes put forth by Symbiosis Group.

Judges were irked by the fact that no arrests have been made till date even though the FIR was lodged in February 2010. They also expressed anguish at the fact that it took the authorities five months to seize bank accounts of the various group companies. “Now, there is no money in those accounts,” said justice Desai. “Had the police seized bank accounts immediately after lodging of FIR, this situation would not have arisen.”