Rs 10-cr ponzi fraud: Actress' Leena Paul's partner posed as MP to lure victims
Actress Leena Paul’s partner Shekhar Chandrashekar, who, along with her and four others, was arrested for running a fake ponzi scheme, would pose as a member of Parliament (MP) to gain people’s trust, probe has revealed.mumbai Updated: Jun 04, 2015 19:21 IST
Actress Leena Paul’s partner Shekhar Chandrashekar, who, along with her and four others, was arrested for running a fake ponzi scheme, would pose as a member of Parliament (MP) to gain people’s trust, probe has revealed.
The Economic Offenses Wing (EOW) said Chandrashekar, Paul, three relatives of lyricist Hasrat Jaipuri – Adil Hussain Jaipuri, Akhtar Hussain Jaipuri, Nasir Mumtaj Jaipuri – and one Salman Pheroz Rizvi allegedly cheated almost 1,000 people to the tune of Rs10 crore in Mumbai, through their money-circulating scheme under a firm named Lion Oak India. They would take cash deposits from people for various fake schemes.
The six will be produced before the court on Thursday. EOW officials said they will invoke sections of the Maharashtra Protection of Interest of Depositors (MPID) Act to attach properties of the accused.
Chandrashekar would pose as an MP from Bangalore and tell his victims he is the promoter and chairman of ‘King Group India’. He is also known as King Shekhar among industrialists, thanks to the name of his firm, EOW officers said.
“He threw out names of senior political leaders and IAS officers in his conversations to prove he was well-connected,” said an EOW official. “His bodyguards would treat him in a manner that made onlookers believe he was a VVIP. He even has an MP tag on one of his cars,” the officer said.
Investigations have revealed Chandrasekhar cheated at least 40 people by promising them Rs3 lakh in 10 days if they invested Rs60,000 in his scheme. Many watchmen and security guards invested their savings with him. Many of his victims are housewives. “Initially, Chandrashekar would give the promised money and gifts promptly, to gain people’s trust. Later, he asked them to bring in more investors,” said Dinesh Joshi, senior inspector, EOW.
The other accused would also bring in investors, and Paul would accept the cash in their office, officers said. “Chandrashekar never bought any property from the money, as he had no plans to stay in the city. In April, he stopped accepting money from investors and was preparing to flee the city with Paul when we arrested him,” said Joshi.