Monday, October 7, 2013

Shreesurya assets worth less than half the money lost by complainants

NAGPUR: The Economic Offences Wing (EOW) of the state police has so far found assets worth only Rs6 crore in the name of M/s Shreesurya Investment or its promoter Sameer Joshi. This is not even half the amount mentioned in complaints registered by the firm's investors till date. EOW has registered FIRs from 175 persons who had parked their funds in Shreesurya's schemes, with the total investment coming to Rs13 crore.

Joshi himself, on the other hand, has admitted to having liability of Rs 80 crore towards various individuals from whom he had collected investments for his company's schemes. The police investigation so far pegs the amount collected by Joshi at Rs 250 crore, coming from over 5,000 persons. Though it is yet to be ascertained how many of these investments have seen a default in repayment.

The cops have booked Joshi and his wife for defrauding people, but the couple has not been arrested so far. The investigators maintain that they want to build a strong case first.

"The process of registering complaints will remain open. So far around 175 persons have turned up to file reports of being duped of nearly Rs 13 crore in all. The team has come across documents related to around 25 properties, spread across the entire state. The search continues," said a source. The properties are mainly flats or plots not costing more than a few lakh each, added the source.

Even though he has failed to meet his commitment to investors, Joshi maintains that he has enough assets to liquidate and clear his dues.

The EOW has already alerted the office of the Inspector General of Registration not to register any document if Joshi company's properties are being sold. But even as the search for properties continues, the cops are not hopeful of finding much.

However, sources close to Joshi say that he may have many more properties. According to a ballpark estimate, his holdings in the city itself can be valued at over Rs12 crore. These include a 22-acre farmland on the outskirts, a commercial property and a bungalow in an upmarket residential complex, said a source privy to Joshi's affairs. Some of his investments could be in dummy names too, the source said.
Shishir Arya, TNN | Oct 7, 2013, 05.05 AM IST

1 comment:

  1. Hi,

    Now the countdown has started, for WASANKAR GROUP too.
    Since last 20 days investors are not getting the money due, and assurances of paying after 15 days is given to gullible investors.
    Worst is wasankar sold its prime property at ambajhari neat to krazy castle, to repay money to some of smart investors who warned for consequences.
    Also now Mr. Prashant chairman is busy, doing some paperwork, of transferring titles of property in the names of relatives, just to save some if at all property seizing started.
    One crucial point is, the house where both brothers staying are also not in thier names, this gives additional clue of whats cooking inside.
    Staff of the company is under pressure, and not answering calls also.
    A source told me Rs. 3-4 crores only left in clients account, where firm is actively trading in futures & options.
    A source in ISE(interconnected stock exchange) told me, trading in firm is banned due to overtrading in the last month, and firm earned Rs.5 crores from brokerage itself. This raised alarm at NSE HQ, and they issues notice to ISE, which in turn issued notice to Wasankar group.

    The firm had invested in sugarfree manufacturer plant, and it incurred huge loss in that project. Now group is trying to sell the same land to overcome running expenses.

    One prominent investors named Mr. P****K, who invested heavily in Wasankar, shreesurya, and Raviraj, is on the verge of loosing its investements in wasankar.

    Next in line after wasankar is Raviraj group.

    Now you need to some research on this, through your contacts, and plz published something meaningful to save some of investors who invested hard earned money in it.