Thursday, 15 August 2013

VJAS urged MAH. CM to initiate criminal action in Shreesurya Rs.1000 cr. SCAM

VJAS urged MAH. CM  to initiate criminal action in Shreesurya Rs.1000 cr. SCAM
Nagpur-15th August 2013,

VJAS activist group convener Kishor Tiwari has asked Maharashtra CM to direct  Nagpur crime branch to start criminal action against promoter of Shreesurya Group and so called Mathathipati Scam guru and charter accountants  involved in Rs. 1000 crore  scam as it is alleged that promoters have literally purchased  police ,administration  hence they are not acting against master mind of multilayer  huge fraud even after FIR are being lodged and national dailies are carrying details stories of scam and here are the reports ,


Shreesurya defaults, leaving gullible investors high and dry
Vaibhav Ganjapure & Shishir Arya, TNN Aug 13, 2013, 02.24AM IST
NAGPUR: Once again, thousands of gullible investors have been left in the lurch by a firm promising incredible returns, including doubling the money within months. ShreesuryaInvestment had collected sizeable funds from the general public over the last seven years, but has not paid investors for the last four months.
Dhantoli police have received a complaint against the company, but no offences have been filed yet as preliminary investigations are still underway.
The firm's flagship scheme guaranteed to double the amount invested in a couple of years, with the sum growing 25% if the money was parked for one more year. Shreesurya had also floated an insurance scheme, which is illegal since it was not registered as an insurance company with the Insurance Regulatory and Development Authority ( IRDA) nor was the insurance plan approved.
The insurance scheme, Jeevan Kalpvruksha, sounded similar to one by the Life InsuranceCorporation's (LIC), and Shreesurya offered a life cover of Rs 1 crore. The plan entailed an investment of Rs 5 lakh for 10 years, on which it promised lifetime payout of Rs 5 lakh each year after the 15th year, apart from the life cover of Rs 1 crore. TOI has one of its brochures in its possession.
On Monday, investors were thronging the new four-storeyed office in Pratap Nagar, but Shreesurya group proprietor Sameer Joshi was not available. Till a week ago, Joshi used to be available in the office, assuring visitors he would make the payments at the earliest. Now, he is admitted in a hospital as he is suffering from depression, said a kin, who did not disclose the exact hospital.
Joshi had registered Shreesurya Investments as a Hindu Undivided Family (HUF) unit, from which funds were parked in various businesses run as corporate entities.
When TOI visited the Shreesurya office on Monday, most investors who had turned up were senior citizen who had parked their retirement benefits with this firm. Most did not wish to disclose their identity. One of them was a senior engineer from the erstwhile MSEB, who had parked Rs 50 lakh, which included his wife's retirement funds, in Shreesurya's scheme. The couple have not got any returns since May.
Requesting anonymity, the man said many person retiring from MSEB had invested in Shreesurya's schemes and they have now formed an association, which met last week at Amravati. "The clientele is spread across Vidarbha. It was sheer greed. There are many big groups from various other government organizations too," lamented this investor.
Sandesh Mudholkar, an executive in a textile company, said he has invested Rs 3 lakh but could not recover anything even after the due date passed. Another retired person, S Khorgade from Katol, said he has invested Rs 16 lakh, which is everything he got at the time of retirement, and was now making trips to the firm's office in vain, hoping to get something back.
Another man in his mid-40s had invested Rs 20 lakh he received after taking voluntary retirement in a state government PSU. Almost every other investor had a similar story. Prakash Agarkar, who retired from Mahindra and Mahindra's tractor unit, said he and his friends had invested over a lakh in the schemes. "My amount is not very big, but there are several who have invested Rs10 lakh and above. I guess Rs 10 to 15 lakh would be the average amount parked by each person in Shreesurya's schemes," he said.
A fortnight ago, Joshi had issued a notarized letter to his investors, citing global slowdown as the reason of his inability to pay them back. He assured the money was safe and he would tide over the crisis in 8 to 12 months, after which repayment would begin. Till then, he had appealed to investors not to visit his office as it hampered the day-to-day functioning. Joshi said if all his effort goes in attending to investors individually, he would not be able to concentrate on the businesses where the public money was invested, and in turn the promised returns will not be generated.
Shreesurya never got nod from regulators
Shishir Arya, TNN Aug 14, 2013, 01.31AM IST
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NAGPUR: Shreesurya Investment, the firm which allegedly collected massive amount of money from the public by promising to double the return, conveniently avoided getting an approval from any of the agencies regulating financial services.
According to the Securities and Exchange Board of India (SEBI), any plan in which payments made by investors are pooled for the purpose of running the scheme with an object of receiving profits is defined as a collective investment scheme (CIS). To run a CIS, a firm needs permission from the SEBI.
Shreesurya's schemes also largely fit into the definition of CIS laid down by SEBI, but when TOI confirmed it with a source in the market regulator it was found that Shreesurya was not registered with it. So far, only Ahmedabad-based Gift Collective Investment ManagementCompany is registered with SEBI as a CIS, said the source.
Shreesurya's plan too entailed pooling investments solicited from the public to be further used in a whole gamut of businesses run by this group. Against the funds, an investor got a notarized promissory note by its chairman Sameer Joshi stating that s/he would be paying a quarterly interest of 12.5%. One such promissory note is in the possession of TOI.
Shreesurya's crisis coincides with a decision taken by SEBI on Monday in which any unregistered CIS has been declared fraudulent and an unfair trade practice. "If any scheme which fits into the definition of CIS is not registered with the SEBI, it can attract action which includes financial penalty," said the source. This comes against the backdrop of rising instances of fraudulent money pooling schemes such as the Ponzi schemes of West Bengal which had recently hit the headlines after going bust.
The SEBI definition also lists out a few exceptions but those are the financial schemes which are governed by some other regulator such as the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority to even the state's department of cooperatives. However, Joshi himself has admitted that Shreesurya is not registered with any of the regulatory bodies.
"We don't need any permission as ours is a Hindu Undivided Family (HUF) and not a company. So there is no need to get any licence. Of course, the businesses in which the investors' money is parked are run as corporate entities," said Joshi.
"Even if a money collecting scheme remains out of the ambit of any of the regulators it still invites action under the Maharashtra Protection of Interest of Depositors' Act if a complain of breach of promise is registered," said Arun Agrawal, a lawyer specializing in this field.
Financial experts say even if schemes offering unrealistic returns are apparently fraudulent, investors should also not fall to lure of a quick buck.
Ranjit Dani, an independent financial consultant, said since there are several lapses in the law which may provide a leeway to any firm promising unrealistic returns, investors should remain careful. "Normally they get swayed by the flashy lifestyle displayed by the promoters, but investors do not realize that it is their own money which may be going into buying big cars owned by the promoter of a money-pooling schemes," he said.
"It often happens that such schemes are also promoted by qualified financial professionals on whom the general investor reposes his trust. At least, the white-collared class should not canvass for such plans," said Kailash Jogani a former chairman of Institute of Chartered Accountants of India's Nagpur branch.


After milking investors dry, Shreesurya chief says profits are easy as churning milk
Shishir Arya, TNN | Aug 15, 2013, 01.25 AM IST
NAGPUR: As anxious investors continue to throng the Shreesurya office at Pratap Nagar, owner Sameer Joshi, the man running this beleaguered group was meeting select visitors at a city hospital on Wednesday. He claimed to be undergoing treatment for high blood pressure, caused by the stress of the last few days, and said he would return to work in three-four days.

After being unavailable at office for one week, he had earlier promised a press conference on Wednesday. However, now he claims he cannot get a discharge from the hospital as the doctors have advised him a few more days of rest.

Accompanied by his friends, Joshi looked in good condition. "You must go back and face the public, your presence in the office will diffuse the situation, but get well before that," said one of his friends at the hospital.

Speaking to TOI, Joshi said he is unable to meet his commitments because of the panic created by investors. "It all began with certain blackmailers maligning my image. Even people whose payments are not due are now demanding their money back, and so the calculations have gone haywire," he said.

Joshi claims to have a Rs 100 crore turnover from the businesses where he has invested the public money. But, as usual, gave only vague replies when asked how he managed to get so high returns as to double the investors' money in two years.

"I cannot explain entirely, but it is simple. Say, for example, our milk business. We can produce a host of products like butter, ghee and curds from a litre of plain milk. Selling all these gives huge returns," said Joshi, as his friends nodded to the claims. He said he would ensure every investor gets his money back, and that he had no plans to flee the city.

However, quite a few investors who interacted with TOI said Shreesurya had already defaulted on meeting its commitments on the due date. A senior scientist in a government research agency said the firm has been defaulting in payments since last one quarter. He and his friends have together invested over a crore in the scheme.

"Moreover, while making earlier payouts, tax was deducted at source but no TDS certificates were provided, due to which the amount cannot be adjusted against the 
income tax liability. Shreesurya did provide TDS certificates earlier, so we could get tax refunds," said the investor, requesting anonymity.

A retired officer of 
MSEB added that around 3,500 employees from this state-owned power utility are Shreesurya's investors. Most of them are retired personnel, who have formed an association. Investments made by this group range from Rs 3 lakh to Rs 50 lakh per person.

Even if the lowest amount of Rs 3 lakh per person is considered as the average, the total investment comes to Rs 105 crore. The figure may be much higher if the average investment by this group is closer to Rs 10 lakh each. There are thousands of more investors.

However, Joshi claims that the total money collected is not more than Rs 50 crore. A source in this group said that the total dues may be more than Rs 50 crore, even if the people who have entirely recovered their capital are taken into account. Joshi admitted that he had 2,000 investors from MSEB, but the quantum of investment was not readily available with him.

‘We are shocked why police is not acting against promoter and Maharaj  who has done open loot of thousands of investors who are middle class pensioners. Earlier under police protection investors were beaten and news paper van damaged and promoters are claiming that he has been continuously black mailed  by some politicians hence police should take the name and arrest these black mailers to establish ‘Kanun RAJ’ in Nagpur ,Tiwari added.

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