100 Pune investors in Samruddha Jeevan chit fund scam see no money back yet
Mahesh Motewar, chairman and managing director of the group, was arrested in 2015 and has been in jail ever since.Updated: Nov 30, 2017 15:24 IST
Over 100 investors of the Samruddha Jeevan chit fund approached Saurabh Rao, district collector of Pune; Ravindra Kadam, joint commissioner of Pune police and Sudhir Hiremath, deputy commissioner of police, cyber crime and economic offences wing (EOW) on Wednesday, as the accused group of companies has failed to returned their money two years after the case hit headlines.
Mahesh Motewar, chairman and managing director of the group, was arrested in 2015 and has been in jail ever since.
The investors, however, have not received their money which was deposited through fixed deposits with Samruddha Jeevan.
“The company has not returned money to investors and has now started new businesses, including a bitcoin-based business. The other directors from the group play internal power games to remain in business and cheat the middle-class population,” said Rupesh Mali, an investor and a member of the progressive welfare association (PWA), which is an organisation formed by over 5,000 people who were duped by the food chain, according to Mali.
A part of the letter given by PWA to the collector and joint commissioner Kadam reads, “Irrespective of the fact that the Securities and Exchange Board of India (SEBI) has directed the Samruddha Jeevan group from not collecting amounts in the form of investment from people, work of the Samruddha Heevan group is still going on and the offices are still working.”
The case began in Maharashtra after a woman from Pune, Sunita Dhanve approached the court against Smaruddha Jeevan. The court took cognizance of her complaint and asked the Chatuhshrungi police to file a case in the matter.
A case under Sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) was filed against group. Subsequently, a charge sheet was filed and Motewar was arrested. The charge sheet in the matter estimated the scam to be worth ₹4,500 crore.
“May it be known to all members of Samruddha Jeevan Multi-State Multi Purpose Co-Operative Society Ltd, Pune that the order of the liquidation of the above mentioned Society issued by the Central Registrar, Co-Operative Societies, New Delhi dated April 18, 2016 has been confirmed by Appellate Authority on August 11, 2017. The members are aware that the office of the society in Pune and Noida has been sealed by CBI, Bhubaneshwar, on August 10, 2017,” reads a letter from the liquidator of the group issued to the investors months ago.
SEBI had also asked the company to return investor money within three months in September 2015. However, thousands of investors are still awaiting their money.
First Published: Nov 30, 2017 15:22 IST