Director of Odisha-based NBFC held in Rs. 25 crore Ponzi scam
The police said the action came on the basis of a complaint filed by Baradwari-based duped investor Satish Kumar, who has named over half a dozen accused in his complaint.Updated: Jul 31, 2019 01:22 IST
A team of Sitaramdera police station arrested Rajesh Jha,the director of an Odisha-based Sree Walis Group of Companies, a non-banking finance company (NBFC) in Jamshedpur on late Monday night, on charges of fraud worth about Rs 25 crore with hundreds of investors. He was arrested about two and half years after a case was lodged against him and other company officials here in Sitaramdera police station (PS) in 2017.
Jha is a resident of posh Vijaya Garden residential complex in Birsanagar locality of the city.
“Sree Walis Group of Companies director Rajesh Jha was produced in a local court today, from where he was sent to jail this evening. He was arrested from his house in Vijaya Garden in Birsanagar late last night by a special police team in a case lodged in 2017,” said Pawan Kumar, deputy superintendent of police (DSP, HQ-1).
The police said the action came on the basis of a complaint filed by Baradwari-based duped investor Satish Kumar, who has named over half a dozen accused in his complaint. In addition to Jha, Smriti Ranjan Vishal, Sweta Vishal, Sambit Mohanty and Subrata Rawat have been named in the FIR lodged in Sitaramdera PS in this connection. All the other accused live in Cuttack in Odisha.
As per available information, Sree Walis Group of Companies was primarily into manufacturing air conditioners and later ventured into non-banking finance company dealing in public investments.
The company had opened its branch office at house no-50, 54 and 58 in Baradwari locality of the city in 2009. The company allegedly lured huge investment by allegedly promising lucrative returns on investments by saying that they invest in land, real estate, mining and iron ore. The company had also allegedly told the investors that they were registered with Reserve Bank of India (RBI).
In 2011, the company started fixed deposit and monthly income schemes and customers were satisfied with their performance and returns till 2013.
After 2013, the company allegedly stopped returning capital investments, leave aside interest returns. The company downed its shutters in the city about two and half years ago but kept on assuring the city-based investors that they would return all their money.