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 ,
Vaibhav Ganjapure & Shishir Arya, TNN
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
clientele is spread across Vidarbha. It was sheer greed. There are many big
groups from various other government organizations too," lamented this
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.
Shreesurya never got nod from regulators
Shishir Arya, TNN
style='outline: 0px;orphans: auto;widows: auto;-webkit-text-stroke-width: 0px; background-position:initial initial;background-repeat:initial initial; word-spacing:0px' v:shapes="_x0000_i1030">
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
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.
Shishir Arya, TNN | Aug 15, 2013, 01.25 AM IST
‘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.