MUMBAI: The Economic Offences Wing (EOW) has filed a chargesheet against multi-level marketing firm Raj Investment Services for allegedly duping many people of nearly Rs 26.92 crore.
The case was first registered with the Borivli police in January and transferred to the EOW in February. "Five persons were arrested," said an EOW officer. Police sources said the firm was floated in 1998. "It came up with several schemes and promised to double money in five years. Several people invested in different schemes.
The company office-bearers told the investors that their money had been invested in share trading in the share market the firm initially paid returns to the investors but stopped doing so after 2009," said the officer.
For this fraud, the police arrested Amulya Vaskar (45), his wife Vaishali, Sachin Palkar (35), Vilas Raikar (35) and Riya Bande (35) were arrested. While Vaskar is still at Arthur Road jail, others have managed to get bails. "The fraud could be bigger. The amount in our records, Rs 26.92 crore, is only of victims who have approached us.
There could be several others who have not come to us," the officer said.
The police have frozen the 42 bank accounts of the accused, containing Rs 50 lakh. The accounts are in the name of the company and its office-bearers.
The police have also identified 11 properties and a competent authority is yet to be appointed to attach these properties through a court order. The properties are in Pune, Nashik, Mandalgarh, etc. "We have asked tehsildars of the areas concerned not to entertain sale or purchase of these properties," the officer said.
Courtesy:
Mateen Hafeez, TNN Apr 29, 2012, 01.20AM IST
http://articles.timesofindia.indiatimes.com/2012-04-29/mumbai/31475568_1_duping-investors-eow-chargesheet
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