CID arrests Vaishali Motewar in Rs 3,500 crore chit fund scam in Pune
Vaishali, who had been absconding for the past few years, was arrested by CID sleuths from Nigdi.pune Updated: Jul 01, 2018 18:15 IST
Vaishali Motewar , wife of Mahesh Kisan Motewar, the chairman and managing director of Samruddha Jeevan Foods, has been arrested by the state criminal investigation department (CID) in connection with the controversial multi-crore collective investment scheme fraud involving duping of scores of investors.
Vaishali, who had been absconding for the past few years, was arrested by CID sleuths from Nigdi. She and her husband have been accused of luring people to invest money by falsely promising unreasonably high returns in connection with the Rs 3,500 crore chit fund scam.
A sessions court in Pune had issued a proclamation notice against Vaishali directing her to remain present before it on December 7, 2016, in connection with the chit fund scam of 2014. Mahesh Motewar is cooling his heels in the jail since 2015.
In November 2015, Sachin Sonavane, a securities and exchange board of India (SEBI) officer, lodged a formal FIR with the Deccan Gymkhana police station against the company and its four directors, Mahesh Kisan Motewar, Vaishali Motewar, Ghanshyam Patel and Rajendra Bhandare, on charges of allegedly continuing to raise money from investors despite the ban and cheating investors.
The offence has been registered at the Chatuhshrungi police station under Sections 406, 409, 420, 120 (b) of the Indian Penal Code (IPC) and Sections 3, 4 of Maharashtra Protection of Interest of Depositors (MPID) Act.
First Published: Jul 01, 2018 18:12 IST