Sunday, September 22, 2013

Innovative scamster dupes victims of Rs 3cr


MUMBAI: Money-doubling schemes have become so innovative and convincing that gullible investors often fall prey to them without questioning the veracity of the plans even once.

Mohan Patil from Wadala came up with a scheme where women who invested Rs 5,000 in the first month of pregnancy were promised Rs 46,000 on giving birth. In the second scheme, for an investment of Rs 4,000, Patil issued a ticket, that entitled them for a three- day-two-night stay at hotels in tourist spots. Patil transported them in his own buses and also arranged for lodging. After 120 days of the visit, the investors were promised Rs 12,000.

"The returns were directly proportionate to the investment," the police said. Patil was arrested by the EOW on Thursday.

Interestingly, when the police started sealing his offices, he came up with another idea. On Thursday, Patil, with his 'investors', took a morcha to Azad Maidan against the police. But this did not work out and soon after the protest got over, EOW arrested Patil, who has duped several people of Rs 3 crore.
Courtesy:
Ahmed Ali, TNN Feb 9, 2010, 01.49am IST
http://articles.timesofindia.indiatimes.com/2010-02-09/mumbai/28136977_1_gullible-investors-eow-scheme

Ex-director of fraud firm surrenders


MUMBAI: Former director of fraud firm Aryarup Travel and Club Resort surrendered before the Pune police last week. Vasuda Deshmukh, who is wanted in the multi-crore investment scam, will be brought to the city this week.

Nandkishore Patil from Nigadi police station in Pune said, "We have arrested Vasuda for a year-old fraud case. She is being questioned."

The city economic offences wing (EOW) had registered an FIR against Vasuda and her husband Ravindra in 2010. The Deshmukhs floated several schemes in Gujarat, Haryana, Jaipur, Bangalore and Maharashtra. Investors were promised annual returns of 86% to 96% if they put in Rs 5,000 and more in the schemes. Investors who brought in others were entitled to additional returns. The company had opened accounts of its investors on its website. "The suspects allotted login names and passwords to the investors and told them that their profit would be automatically transferred to their accounts. The Mumbai police are investigating the case under various sections of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978," said a police officer.

The EOW had recently issued lookout notices against Vasuda and Ravindra. Sources said the firm's turnover was in excess of Rs 1,000 crore per annum. Aryarup claimed on various websites that it distributed over Rs 900 crore to its investors in one year. The firm also said that 400 of its investors had earned over Rs one crore.

Two plots, totaling 75 acres, owned by the company directors were attached by the EOW in February this year.

The total value of these plots is around Rs 12.30 crore, said sources. Besides, 17 bank accounts in which investors had deposited Rs 12.5 crore have also been frozen.

The firm had branches in Haryana, Gujarat and other states. In Maharashtra, the firm set up its offices in Buldhana Nashik, Nanded, Solapur, Parbhani, Jaipur, Thane, Navi Mumbai, Mumbai, Jalgaon, Bhusawal, Pune and Latur, among others. Sources said Aryarup could have more than one lakh investors

Daniel Pranjal, chief of direct selling consultancy firm Strategy India, said, "Several individuals start such companies promising high returns with the knowledge that they would have to keep getting money from new investors to pay off the old ones."

Pranjal said there are over 300 such companies operating in India and the schemes would have mobilized over Rs 7,000 crore till date.

Directors of Aryarup Travel & Club Resort—Ravindra Deshmukh and his wife Vasuda—are accused of duping over 1,000 people by offering to double their investments.
Courtesy:
Mateen Hafeez, TNN Aug 29, 2011, 03.27am IST
http://articles.timesofindia.indiatimes.com/2011-08-29/mumbai/29941037_1_investors-fraud-firm-bank-accounts

Hunt on for cheats


BELGAUM: The police have launched a manhunt for two online cheats who have absconded with crores of rupees from here recently.

Devidas Chodanakar and Prashant Chodanakar are the natives of Brahmanagar and Hindawadi in Belgaum, respectively. The duo operated an online multi-level marketing company and "allegedly" swindled crores by luring the gullible investors with double returns.
Courtesy:
TNN May 26, 2009, 10.50pm IST
http://articles.timesofindia.indiatimes.com/2009-05-26/hubli/28179462_1_hunt-gullible-investors-crores

Chargesheet against marketing company for 'duping' investors


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

Accused in multi-level marketing fraud cases need no leniency: HC


JAIPUR : The Rajasthan high court has came down hard on multi-level marketing companies and held that fraud and cheating committed by such firms are serious offences and that accused office bearers do not deserve any leniency from the court.

The court made the observation while rejecting bail applications of two directors - Saju M Chaku and his wife Annu Johan - of one Health Square multi-level marketing company.

Rejecting the applications, Justice Mahesh Chandra Sharma observed, "History shows that poor people have remained tools at the hand of wisemen and the mulit-level marketing frauds that surfaced in recent past are a big example of it. But no such person who dupe the poor man can go scott free and needs no sympathy at the end of law."

According to the case, it was alleged that the company cheated 12,500 members and embezzled a sum of Rs 4.06 crore out of which police had been able to trace Rs 3 crore rupees that have been accounted for.
Courtesy:
TNN Feb 11, 2012
http://articles.timesofindia.indiatimes.com/2012-02-11/jaipur/31049485_1_multi-level-marketing-leniency-fraud

Several duped by other firms earlier


JAIPUR: The Gold Sukh Trade India Ltd was not the first company to have duped gullible investors on such a large scale. Thanks to police's lackluster approach and ignorance of the investors, such multi-level marketing firms have been operating fearlessly with the cops busting only a handful of them from time to time.

The horrifying fraud committed by Gold Sukh Trade India Limited is just the tip of an iceberg with as many as 100 large scale multi-level marketing firms operating across the state and duping gullible investors, sources said.

If one goes by the police records, most of the fraud cases committed by multi-level marketing firms and other individuals remain half unsolved with the main culprits still at large.

In the past two years, police have busted about 15 such companies, but arrested only employees of these firms. In most cases, the owners and those who were running these companies have not been arrested.

"Most of the owners have criminal background and get embroiled in legal troubles even before the frauds through multi-level marketing come to the light. So the local police are aware of such people, but choose not to act.

Corruption is indeed involved," a senior police officer said. He added that as an estimate, complaints against at least 100 big companies are lying with the police. The number of small-scale companies is alarmingly high.

"This fraud case was highlighted because investors include high-class people. Otherwise, no one likes to entertain such complaints in rural areas of the state," the officer added.

Commissioner of police B L Soni said a coordinated drive will be launched against such firms in the city. He added that police stations have been asked to take such complaints seriously and act promptly.
Courtesy:
TNN Nov 26, 2011, 02.27AM IST
http://articles.timesofindia.indiatimes.com/2011-11-26/jaipur/30443878_1_multi-level-marketing-gullible-investors-firms

Frauds harvest city con fields


MUMBAI: A Red Corner Notice has been issued against a white-collar criminal who along with his wife and four others duped over 3,000 gullible investors to the tune of over Rs 40 crore by offering them unbelievable returns. The notice seeks the arrest of the accused, Sandeep Kandalkar, who is believed to have left the country. Kandalkar, along with his wife Lina and four others, floated a scheme that promised investors over 100% returns and an Indigo car at the end of five years. Lina is still at large. One of the other accused Shantaram Naik was an employee of MTNL.

According to the Economic Offences Wing (EOW) of the city police, the fraudsters had distributed around Rs 13.5 lakh to the investors. The police have seized Rs 50 lakh, and attached several of their properties across the city. In his complaint, one of the investors, businessman Kailash Gonge, said he was lured into the scheme by a Sunil Mhatre who introduced him to Naik. The latter boasted about his clout and claimed to be a partner in four companies along with Kandalkar.

On an investment of Rs 1.6 lakh, they offered him a maximum return of Rs 25,000 every month for five years. On completion of one year of the investment, Gonge was promised that an Indigo car would be purchased in his name. He was told that the vehicle would be handed over to him at the end of five years.

Gonge and his wife invested Rs 6 lakh and spread the word. In fact, acting on his advice, Gonge's friends invested a total of Rs 54 lakh. For a few months, Gonge got his returns, but later the cheques began to bounce. The conmen initially covered their tracks and told Gonge that their funds, which were they were expecting, had "got stuck". One fine day, their offices were shut and investors were left in the lurch.

There have been numerous instances in the past where fly-by-night operators have been luring the public to invest in such schemes. "Despite exhorting people to refrain from investing in such companies, they continue to flourish," a police officer said. People do not realise that a business module offering such huge returns are not viable. "For instance, if a company offers a 50% interest as returns on investments, it should be earning 300% to offer such gains in the first place. People should use their common sense before falling prey to such schemes," said the police officer said.

The investors that prey on Mumbaikars include both the rich and the poor, and it's sheer greed that lures the public into such schemes. "If my earning is meagre and if these companies are offering me fantastic returns, I will certainly be interested. This is to ensure my family's future," said one investor. White-collar crime is the crime of the future, says joint commissioner of police, Rakesh Maria. "When we learn of such cases, we verify them and take action," he said.

In April 2009, the state had enacted the Maharashtra Protection of Interests of Depositors (in financial establishments) Act, when a plethora of plantation companies vanished after collecting money from public. The Bombay High Court, in September 2005, struck down the Act after several companies challenged the legislative competence of the state to enact it. One of the Act's salient features was that the properties could be auctioned off and the proceeds used to return the investments. The state has now approached the Supreme Court in an appeal and the matter is still pending. After the high court struck down the act in September 5 2005, all cheating cases went into a limbo as the HC had ordered a stay on the trial.

The RBI has also expressed its helplessness saying that these companies do not fall under the category of Non-banking Financial Companies, which they are empowered to regulate. The money collected by such companies cannot be termed as a deposit, thereby preventing the RBI from intervening and taking action.

CONNED IN MUMBAI
An easy ride
In 2007, Aim Limouzines floated a car-rental investment scheme, where investors were asked to invest anywhere between
Rs 85,000 and Rs 3.2 lakh. They were told the money would be used to buy cars, which would be transferred in their names after a few years. During this period, the company promised monthly returns of Rs 6,000-12,000. Over 2,000 people across India invested in the company, which allegedly stopped payments to many of them. The Economic Offences Wing, Mumbai, has frozen 11 bank accounts, and the Hyderabad police recently arrested a company official

The Gandhi connection
Ejaz Ahmed Khan (29) conned eight people in Mumbra of Rs 40 lakh by claiming acquaintance to no less a person than the Father of the Nation, Mahatma Gandhi. Khan, now on bail, morphed a photograph showing Gandhi resting his hands on his shoulders before attending a meeting with a British general in 1945. The copies of this photograph were widely circulated in Mumbra and eight people fell prey to this smooth-talking conman. They lent him the money to set up a computer business

From Rs 3,000 to Rs 3L
In Thane, Shivaji Kamble, who ran a vada-paav stall, made off with Rs 18 crores that he was able to collect from over 32,000 people after promising them high returns. Kamble, who floated Maharashtra Marketing Golden Holidays, promised investors Rs 3 lakh at the end of one year on an investment of Rs 3,000. The matter is pending in the court

Double or nothing
Powai-based Kaustubh Choksi (31) and his six accomplices offered 1,100 investors a chance to double their investments in just 20 days. Choksi collected Rs 3.14 crore in a short period. He claimed to have used the money to revive his company, which had been hit by the economic downturn. The accused are currently in judicial custody

Two-hour investment
A 30-year-old college lecturer from Thane, Arvind Ojha, conned people by offering them returns of Rs 45,000 in 2 to 3 hours. He asked the public to register online after paying a nominal amount of Rs 500. Each member was provided a business kit and asked to enrol at least five others. The returns they got, he told them, would depend on the number of people they managed to rope in. Ojha is currently out on bail
Courtesy:
Text by Nitin Yeshwantrao & V Narayan
C Unnikrishnan, TNN Nov 4, 2009, 03.27am IST
http://articles.timesofindia.indiatimes.com/2009-11-04/mumbai/28098559_1_schemes-returns-investors

Cops bust another get-rich-quick scheme

MUMBAI: Undeterred by police action against several money-multiplying schemes floated by fly-by-night operators, such companies continue to flourish. The latest is the Andheri-based Car Run Way of India which vanished after collecting more than Rs 5 crore from the public by offering 25% to 40% interest on their investment .

In the past, Sanchayani, Sanjivani, Unique Finance and Sigma Autolink, which floated similar schemes had closed their offices, leaving investors in the lurch. In one of the highprofile cases involving City Limouzine, the Supreme Court is currently hearing an appeal by the state government against the Bombay high court's decision to quash the FIR registered by the Economic Offence Wing (EOW) of the Mumbai police.

Mritunjaya Pande of Car Run Way opened an office at Crystal Plaza, Andheri, in December 2006 and got the firm registered. He opened offices in Bhandup, Vashi and Nashik. The directors of the company included Mritunjaya's brother Rakesh, father Premnarayan and Devang Zaveri.

The company issued newspaper advertisements offering investors 40% more than the investment on maturity or vehicles . For instance, on a deposit of Rs 5 lakh for six months, the company offered Rs 1.25 lakh per month. On a down payment of Rs 8.1 lakh, the company offered Rs 40,500 every month for five years beside a Skoda vehicle at the end of the maturity period.

"The amounts received as down payment or fixed deposits were used to repay the existing investors. In the initial stage, the company did not default, thus attracting investors . In the banking industry, it is not possible to sustain the payments and the promoters close down the offices and vanish ,'' a police officer said.

In April, cheques issued by the company bounced and a month later, they closed down their offices and vanished.

The police subsequently arrested three persons, Nitin, Devang and Nitin Ahire and recovered five vehicles totally valued at Rs 37.75 lakh. The police also froze Rs 72,000 lying in various accounts.

CITY LIMOUZINE CASE
City Limouzine has argued in the SC that a dispute between investor and company is governed by the Companies Act and cannot be investigated by the police. It also said families of police personnel have invested in such schemes offering high interest. City Limouzine, promoted by Sayed Masood, had offered investors a return of 48% on their investments and said it would be invested in buying Maruti cars, which were to be registered in the name of investors. In September 2007, the EOW registered a case of cheating. In March, a division bench comprising Bilal Nazki and S A Bobde quashed the FIR, saying there has been no intention to defraud at the time of inception of execution of the agreement.
Courtesy:
C Unnikrishnan, TNN Sep 5, 2008, 06.24am IST
http://articles.timesofindia.indiatimes.com/2008-09-05/mumbai/27899521_1_police-officer-schemes-cops-bust

CBI clears Mulayam in assets case


Probe Agency Cites Lack Of Sufficient Evidence For Closure
New Delhi:The CBI on Friday closed its investigation into the allegation that Samajwadi Party (SP) chief Mulayam Singh Yadav and his sons — UP chief minister Akhilesh and Prateek — possessed assets disproportionate to their known sources of income. The agency said it had got its calculations wrong while assessing the properties of the clan in 2007.

In its closure report, the probe agency admitted to making elementary mistakes six years ago, and cited lack of sufficient evidence as well as new facts to justify the decision to wind down the investigation in the case that many suspected had politically hamstrung Yadav.

The self-incriminatory report drew attack from the BJP that attributed the closure of the case to a Congress-SP match-fixing. “We have to see whether the understanding which saw SP helping Congress out repeatedly stretches beyond the 2014 Lok Sabha polls,” said BJP.

The Congress stressed that the CBI was an autonomous organization as it professed aloofness from the development, which marks relief for Yadav ahead of the 2014 elections and leaves him free to pursue his post-poll options.

However, CBI director Ranjit Sinha justified the decision. “Our investigation has been very professional and transparent in all the cases including this. We are ready to face any legal scrutiny on the closure,” Sinha told the TOI.

The CBI said that they had to revise their estimate of the assets of Yadav clan following SC’s order last December, which had asked the agency to exclude the assets of Akhilesh’s wife Dimple while estimating the assets of the Yadavs.

“Examination of documents, statements of witnesses and the version of suspects during the course of further enquiry, has not brought out sufficient evidence supporting the allegation of possession of disproportionate assets, jointly or individually against Mualyam Singh and his family members,” the agency emphasized in its closure report.

Courtesy:
TIMES NEWS NETWORK
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/09/21&PageLabel=13&EntityId=Ar01301&ViewMode=HTML

4 Customs men suspended in 100cr duty con

Mumbai: Directorate of Revenue Intelligence has unearthed a Rs 100-crore scam where imports were undervalued for duty evasion and also, prohibited goods were cleared with the connivance of Customs officials. Four Customs officials posted at Indore—assistant commissioner S Chattaraj, superintendents Vinayak Joshi and Mangilal Chouhan, and inspector Rajesh Purania—have been suspended.

Kingpin Kirit Shrimankar effected imports through 18 fictitious companies and indulged in proxy imports through four others who denied importing anything. The goods, including ladies innerwear, chatons and garment accessories, were misdeclared as fabric and gift sets to evade duty. Similarly, prohibited goods like sex toys and Chlorodifluoromethane, a restricted item because of its ozone depletion potential, was imported and cleared. In some cases, only 4% of the actual value was declared.

The goods were imported from China through Nhava Sheva port and transported to Inland Container Depot, Dhannad at Indore, for clearance. “The goods were then transported back to Mumbai for sale, which defies commercial logic,” said an official. “Such imports by proxy or benami importers provide smuggling syndicate a cover to evade taxes and duties as the goods are sold entirely in cash,” said an official.

Shrimankar and his associate Manjit Singh had moved the SC in June saying their fundamental rights have been threatened. The SC has granted interim protection. The matter will be heard on September 24.
Courtesy:
C Unnikrishnan TNN
http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIM/2013/09/21&PageLabel=11&EntityId=Ar01103&ViewMode=HTML

गैस आयात घोटाला : सेंट्रल एक्साइज के चार अधिकारी निलंबित

इंदौर: चायना से एअर कंडिशनर्स और रेफ्रीजरेटर्स की गैस के गैरकानूनी आयात में साथ देकर बड़ी कस्टम ड्यूटी चोरी में अहम भूमिका निभाने वाले सेंट्रल एक्साइज के चार अधिकारियों को डायरेक्टर आफ रेवेन्यू इंटेलीजेंस (डीआरआई) की जांच रिपोर्ट के आधार पर मंगलवार शाम विभाग ने निलंबित कर दिया। चारों अधिकारी २०१२-१३ में इनलैंड कंटेनर डिपो (आईसीडी), धन्नड़ में नियुक्त थे।

निलंबित होने वाले अधिकारियों में एक सहायक आयुक्त, दो अधीक्षक और एक निरीक्षक शामिल हैं। बहरहाल, डीआरआई ने यह स्पष्ट नहीं किया है कि अधिकारियों की मिलीभगत से कितनी अवधि में कितने का प्रतिबंधित सामान आयात किया गया और कितने की कर चोरी की गई।

मामला आईसीडी, धन्नड़ का है। यहां २०१२-१३ में बतौर सहायक आयुक्त सुब्रतो चटराज, अधीक्षक विनायक जोशी, मांगीलाल चौहान और निरीक्षक राजेश पुरानिया नियुक्त थे। इनके खिलाफ डीआरआई ने सालभर पहले जांच शुरू की थी। रिपोर्ट सोमवार को सेंट्रल एक्साइज आयुक्त जय प्रकाश को भेज दी गई। रिपोर्ट में न सिर्फ अधिकारियों द्वारा की गई धांधली की पुष्टि हुई बल्कि यह भी स्पष्ट कर दिया गया कि दोषियों को तत्काल हटाया जाना चाहिए।

डीआरआई की इसी रिपोर्ट के आधार पर आयुक्त ने दोषी अधिकारियों का सस्पेंशन लेटर जारी कर दिया। लेटर मंगलवार शाम जारी हुआ। इससे पहले जब धांधली सामने आई थी, तब सहायक आयुक्त चटराज का ताबड़तोड़ ट्रांसफर कर दिया गया था।

प्रतिबंध के बावजूद हुआ गैस का आयात
मुंबई और सूरत की कुछ कंपनियों ने आईसीडी धन्नड़ की मैन्युअल वर्किंग और अधिकारियों के असहयोगी रवैये का फायदा उठाते हुए सेंटर खोल दिए हैं। ये कंपनियां मुंबई, सूरत, अहमदाबाद से माल मंगाने के बजाय इंदौर से काम करती हैं।

इसी कड़ी में कुछ कंपनियां ऐसी हैं जो एअर कंडिशनर्स और रेफ्रीजरेटर्स का काम करती हैं। ये चायना और जापान से प्रतिबंध के बावजूद गैस आयात करती हैं। सरकारी सख्ती से बचते हुए माल को सही सलामत लाने के लिए कंपनियों ने अधिकारियों के साथ मिलकर प्रतिबंधित आइटम का कोड बदलकर ऐसा आइटम बना दिया जिसके आयात पर प्रतिबंध नहीं है। बदले कोड के साथ गैस इंदौर पहुंची और यहां से अलग-अलग शहरों में।

ऐसे पकड़ाई...
कर चोरी के लिए बदनाम हो चुके आईसीडी धन्नड़ में डीआरआई की टीम ने दबिश दी। गैसे से लदे एक कंटेनर को पकड़ा गया। अंदाजे से अधिकारियों ने एक से डेढ़ करोड़ की ड्यूटी भरने को कहा। संबंधित कंपनी ने तत्काल हां कर दी। इससे डीआरआई के अधिकारियों का माथ ठनका और उन्होंने दस्तावेज मांग लिए। दस्तावेजों के मुताबिक ६ लाख रुपए प्रति कंटेनर की ड्यूटी जमा कराई गई थी। तत्काल अधिकारियों ने कंटेनर जब्त कर लिया। इसी बीच पता चला कि कंपनी के और भी कंटेनर ऐसे ही निकले हैं, उन्हें भी पकड़ा गया।

दस्तावेजों के आकलन के बाद पता चला कि एक कंटेनर में तकरीबन ५ करोड़ का माल था जिस पर कंपनी २० प्रतिशत के हिसाब से १ करोड़ रुपए तक जमा करने के लिए तैयार थी जबकि दस्तावेजों में ६ लाख रुपए की ड्यूटी जमा कराई गई यानी एक कंटेनर में ३० लाख का ऑन रिकॉर्ड माल था। अन्य गाड़ियों की जांच के बाद पता चला कि ४० करोड़ के माल को २.५० करोड़ का बताकर न सिर्फ आयात किया गया जबकि ड्यूटी ही ८ करोड़ रुपए की बनना थी।

अधिकारियों की क्या भूमिका...
चूंकि चारों अधिकारी आईसीडी पर तैनात थे और हर कंटेनर चेक करके यह सुनिश्चित करना कि आयात या निर्यात किया जा रहा सामान मापदंडों के अनुरूप है या नहीं उनका काम है। ऐसे में डीआरआई ने इस बिंदु पर जांच की कि आला अधिकारियों की तैनाती के बावजूद कोई कंपनी ४० करोड़ के माल को २.५० करोड़ रुपए का बताकर कैसे आयात कर सकती है। अधिकारियों ने २.५० करोड़ रुपए पर ४८ लाख रुपए ड्यूटी कैसे और क्या देखकर ली। अधिकारियों ने कंटेनर क्यों नहीं जांचा? जांचा तो प्रतिबंधित गैस के कंसाइनमेंट को आईसीडी पर ही क्यों नहीं जब्त किया गया?

आगे क्या...- जांच रिपोर्ट के आधार पर डीआरआई सेंट्रल एक्साइज आयुक्त को तीन महीने में दोषियों की चार्जशीट देगा जो कि उसके पास तैयार है।
- चार्जशीट में उल्लेखित आरोपों का निर्धारित समय में आरोपियों को जवाब देना होगा।
- जवाब संतोषजनक न होने की स्थिति में डीआरआई-सेंट्रल एक्साइज कोर्ट की शरण ले सकता है।

इंदौर से तीन निलंबित...इंदौर में पदस्थ कुल तीन अधिकारी जिनमें दो अधीक्षक है और एक निरीक्षक को निलंबित किया गया है। रहा सवाल चौथे व्यक्ति यानी सहायक आयुक्त को तो उनका इंदौर से तबादला हो चुका है। वे हमारे सर्कल से बाहर हैं और उनके बारे में मुझे कोई जानकारी नहीं। निलंबन डीआरआई की प्राथमिक जांच रिपोर्ट पर हुआ।
साभार:
Posted On:Thursday 5/09/2013
http://dabangdunia.co/news.php?newsid=879eb78692be0939f84fdda8a38c337f#.Uj7jVVONCSo

Saturday, September 21, 2013

Lenders like PNB mull winding up petition against ECGC in Zoom Developers case

MUMBAI: Sunk loans to Zoom Developers, a Mumbai-based engineering and construction company that bagged several overseas projects, could boil over into an unusual court battle between state-run institutions.

Even as banks try to salvage close to 2,600 crore, lead lender Punjab National Bank has obtained the consent of other banks in the consortium to move a winding up petition against Export Credit Guarantee Corporation of India (ECGC) - the 55-year-old financial institution that has insured a substantial part of banks' exposure to Zoom.

The public sector bank has taken legal opinion from law firm AZB on the matter.

The banking consortium may simultaneously file a performance obligation suit against ECGC, which has insured close to 1,900 crore of banks' credit.

Till now, ECGC has refused to pay the banks' claim on the ground that there have been irregularities and allegations of fraud that the Central Bureau of Investigation is examining.

"The banks will first send a legal notice. If no positive response is received, they will approach the court," a person familiar with the development told ET.

The banks, it is understood, had discussed the subject with the ministry of finance, which in turn had taken it up with the ministry of commerce and industry. The commerce ministry, which has administrative control over ECGC, recently referred the matter to the institution.

"We have no comments to offer on what you have stated. ECGC will initiate appropriate action as and when any situation arises," said ECGC Chairman N Shankar, responding to ET's email query.

In an earlier communication, the institution had spelt out to PNB the reasons why the claim could not be met. But banks - as many as 26 of them in the consortium - think they have enough ground to move court. The lenders are also upset that ECGC is reluctant to refund the premium paid to the institution for covering the exposure. If indeed ECGC has to pay the amount, the outgo would almost wipe out its net worth of around Rs 2,300 crore and force the government to infuse capital to keep it afloat.

Differences between state-owned entities rarely reach courts of law. But, such a possibility cannot be ruled out in a market where all institutions are under pressure to protect their books. All the more because the earlier mechanism of a high-powered committee of senior bureaucrats sorting out a dispute between two public sector organisations no longer exists.

Banks, which had sensed sometime in early 2009 that they could take a hit, have separately filed cases in the debt recovery tribunal to recover their money. The tribunal hearing is expected to begin in month or two.
Courtesy:
Sangita Mehta & Sugata Ghosh, ET Bureau Apr 29, 2013, 05.00AM IST
http://articles.economictimes.indiatimes.com/2013-04-29/news/38904790_1_zoom-developers-banks-consortium

Company Overview of Zoom Developers Pvt. Ltd.

Zoom Developers Pvt. Ltd. operates as a project development and management company. The company’s projects include process plants; and industrial and engineering projects, such as location study and market survey, technology evaluation, detailed project report, engineering services, fabrication engineered capital goods, inspection, packing and transportation services to the project-site, and erection and commissioning. It also engages in energy and environmental projects, including water purification/effluent treatment projects, flue gas de sulphurisation equipment, soil savers, and bio- diesel. In addition, the company offers infrastructure and real estate development services, such as roads and bridges, municipal solid waste management project, and granite projects. Further, it engages in programming memory cards and cryptographic cards; and domestic e-governance projects, as well as offers BPO, call center, financial accounting, financial BPOs, and back office services; agro-ERP solutions; and network infrastructure, network management, and applications in mobile and voice over Internet protocol. The company also provides project development and financial services. Zoom Developers Pvt. Ltd. was founded in 1991 and is based in Mumbai, India with additional offices in New Delhi, Indore, Kolkata, and Bangalore. The company has projects and operations in the United States, Canada, the United Arab Emirates, the United Kingdom, China, and Zimbabwe.

United Bank To Sell Zoom Assets
Dec 19 12

United Bank of India is planning to sell the assets it forfeited from Zoom Developers Pvt. Ltd. for recovery of loans exceeding IINR 30 billion, on behalf of 25 banks, a United Bank official told NewsWire18. The assets on sale include two properties in Mumbai, one in Raigad district, and five properties in Indore. The United Bank official said that the assets on sale have a reserve price of INR 738.8 million. United Bank also hopes to recover interest and other expenses from the sale of assets.

High Court Stays Order to Terminate Lease Deed Between Zoom Developers Pvt. Ltd. and Kerala Industrial Infrastructure Development Corp
Jul 19 12

The Kerala High Court has stayed an order to terminate the lease deed executed between Zoom Developers Pvt. Ltd. and the Kerala Industrial Infrastructure Development Corp. with regard to 40 acres of land in Thrikkakara north village. Justice T R Ramachandran Nair passed the order on a petition filed by Zoom Developers challenging the order. The petitioner submitted that Zoom was selected after evaluating tenders received from various entrepreneurs and was granted a lease for a period of 90 years. On October 27, 2006, a tripartite agreement was executed between the KINFRA, the petitioner and the State Bank of India, Overseas Branch, to enable the bank, to grant financial assistance against a security of first mortgage and charge on its lease hold rights. Later, the petitioner was informed that a decision was taken by the KINFRA to terminate the lease deed with effect from June 30, 2012, and the land shall be returned to KINFRA. The petitioner was also asked to remove all buildings and fixtures, within three months from the date of termination. Immediately on receipt of notice, the company submitted a detailed reply requesting to reconsider the matter, afresh. It was submitted that before issuing the termination notice, the petitioner was not given an opportunity to be heard. So the action of the KINFRA in terminating the lease deed, was without following the procedure prescribed as per tripartite agreement. A written request was submitted by the petitioner before the state government as well as the KINFRA seeking extension of time. However, no decision was taken, the petitioner submitted.
Courtesy:
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapid=29462033

Lenders like PNB mull winding up petition against ECGC in Zoom Developers case

MUMBAI: Sunk loans to Zoom Developers, a Mumbai-based engineering and construction company that bagged several overseas projects, could boil over into an unusual court battle between state-run institutions.

Even as banks try to salvage close to 2,600 crore, lead lender Punjab National Bank has obtained the consent of other banks in the consortium to move a winding up petition against Export Credit Guarantee Corporation of India (ECGC) - the 55-year-old financial institution that has insured a substantial part of banks' exposure to Zoom.

The public sector bank has taken legal opinion from law firm AZB on the matter.

The banking consortium may simultaneously file a performance obligation suit against ECGC, which has insured close to 1,900 crore of banks' credit.

Till now, ECGC has refused to pay the banks' claim on the ground that there have been irregularities and allegations of fraud that the Central Bureau of Investigation is examining.

"The banks will first send a legal notice. If no positive response is received, they will approach the court," a person familiar with the development told ET.

The banks, it is understood, had discussed the subject with the ministry of finance, which in turn had taken it up with the ministry of commerce and industry. The commerce ministry, which has administrative control over ECGC, recently referred the matter to the institution.

"We have no comments to offer on what you have stated. ECGC will initiate appropriate action as and when any situation arises," said ECGC Chairman N Shankar, responding to ET's email query.

In an earlier communication, the institution had spelt out to PNB the reasons why the claim could not be met. But banks - as many as 26 of them in the consortium - think they have enough ground to move court. The lenders are also upset that ECGC is reluctant to refund the premium paid to the institution for covering the exposure. If indeed ECGC has to pay the amount, the outgo would almost wipe out its net worth of around Rs 2,300 crore and force the government to infuse capital to keep it afloat.

Differences between state-owned entities rarely reach courts of law. But, such a possibility cannot be ruled out in a market where all institutions are under pressure to protect their books. All the more because the earlier mechanism of a high-powered committee of senior bureaucrats sorting out a dispute between two public sector organisations no longer exists.

Banks, which had sensed sometime in early 2009 that they could take a hit, have separately filed cases in the debt recovery tribunal to recover their money. The tribunal hearing is expected to begin in month or two.
Courtesy:
Sangita Mehta & Sugata Ghosh, ET Bureau Apr 29, 2013, 05.00AM IST
http://articles.economictimes.indiatimes.com/2013-04-29/news/38904790_1_zoom-developers-banks-consortium

Banks fail to recover Rs 2,700 crore from Zoom Developers

Attempts by banks to recover Rs 2,700 crore lent to Zoom Developers have failed with the state-owned Export Credit Guarantee Corporation (ECGC) rejecting the claim on the project development company, which has defaulted on bank loans and closed down operations.

A consortium of nearly 25 banks led by Punjab National Bank had lent the amount to the Mumbai-based company, which had bagged many projects overseas, particularly in Europe and the UAE. A major portion of the banks' exposure was in the form of bank guarantees for projects to be undertaken abroad.

The banks demanded the insurance cover from ECGC but rejected. "We rejected the insurance claim as it failed to meet the conditions. We had given cover only to part of the banks' exposure," a top official of ECGC said.

ECGC, which functions under the commerce ministry, seeks to improve the competitiveness of Indian exporters by giving them credit insurance at the lowest level premium.

"The overseas projects of Zoom never took off. The company then blamed the global financial crisis for its failure in executing projects. What one can't understand is that 25 banks lined up to provide Rs 2,700 crore to this little-known company," said a banking source.
George Mathew : Mumbai, Fri Oct 26 2012, 10:12 hrs
Courtesy:
http://www.indianexpress.com/news/banks-fail-to-recover-rs-2700-crore-from-zoom-developers/1022056/#sthash.DDLeJes3.dpuf

Banks to club loan cases against Zoom Developers

Move to accelerate legal action in NPA cases and save on cost
Lenders to the near-defunct Zoom Developers plan to club suits filed against the company to speed up legal action and save on costs. Over 25 lenders with loan exposure of over Rs 2,500 crore have filed separate suits in Debt Recovery Tribunals in Mumbai.

A senior public sector bank executive said it would be a time-consuming and costly exercise to pursue the matter separately when the issues and arguments were common.

Punjab National Bank is the lead banker for a lender’s consortium. Each lender will have to approach the tribunal, with request to consolidate cases filed over repayment of dues. Lenders expect to complete work (on clubbing) by the end of this financial year, he said. Entire activity is subject to verdict for the appellate body

The Central Bureau of Investigations has begun examining allegations of banking fraud in loans worth Rs 2,500 crore disbursed to Zoom Developers, a Mumbai-based project developer.

Many of Zoom’s projects, including process plants, industrial and engineering projects and energy, environment and infrastructure projects, were overseas, particularly in Europe and the United Arab Emirates. Banks had issued guarantees for Zoom which have been invoked.

A senior bank official said the group which had some projects in Europe was hit hard after global financial crisis in 2008. Its cash flows came under severe pressure as the system experienced liquidity squeeze.

It is doubtful asset (loan remaining non-performing assets for more than a year) in books of all lenders. They began to make provisions after classifying this account as non-perming assets in 2010-11.

The bank had taken insurance cover from Export Credit Guarantee Corp of India Ltd (ECGC) for Zoom exposure. Banks are also in negotiations with ECGC for their claims.
Courtesy:
Abhijit Lele  |  Mumbai  September 17, 2012 Last Updated at 00:41 IST
http://www.business-standard.com/article/companies/banks-to-club-loan-cases-against-zoom-developers-112091700040_1.html

ECGC rejects banks’ claims on Zoom Developers debt

Export Credit Guarantee Corporation of India (ECGC) on Tuesday stated that the insurance claims filed by banks that had provided guarantees to the beleaguered Zoom Developers did not meet the terms and conditions of the insurance contract, which led to ECGC rejecting the claim. Besides, there were certain lapses on the part of the banks in operating the Zoom account, the insurance company added.

A consortium of 26 banks led by state owned Punjab National Bank had given Rs 2,600 crore non-fund based facilities to Mumbai-based Zoom Developers, an engineering and construction firm which had bagged many projects overseas, particularly in Europe and the UAE.

ECGC had given an insurance cover to 26 banks for advance payment guarantees issued by these banks with a claim liability of Rs 1,251.01 crore. Zoom Developers had defaulted on the payments to the overseas beneficiaries who invoked the bank guarantees. The policy cover was issued in 2009 and was extended for another year.

N Shankar, chairman and managing director, ECGC in an earnings conference told reporters, “We have examined the claims of banks in the Zoom Developers case twice. The claims and representations of the banks were found inadmissible and stands rejected.”

Another senior official of ECGC added, “In operating the Zoom Account, we found non-compliance with the terms of the insurance policy besides there were certain lapses on the part of the bank in operating the Zoom account.”

According to media reports, lead lender Punjab National Bank has obtained the consent of other banks in the consortium to move a winding up petition against ECGC for rejecting their claims.

The senior official of ECGC added, “Winding up takes place where a company has taken a loan and defaulted. We have not taken a loan from anyone.”

Shanker said that the company has asked the government for a capital enhancement of Rs 5,000 crore. ECGC has a paid up capital of Rs 1000 crore after getting a capital infusion of Rs 100 crore in September 2012.

ECGC reported a marginal increase of 7.8 per cent in net profit to Rs 242.79 crore during 2012-13 compared to a net profit of Rs 225.21 crore in the previous year.

The total income (premium and investments) rose by 10.5 per cent to Rs 1,308.5 crore.
Courtesy:
By Falaknaaz Syed    May 15 2013 , Mumbai
http://www.mydigitalfc.com/companies/ecgc-rejects-banks%E2%80%99-claims-zoom-developers-debt-003

Zoom debt recast fails, recovery to start

The proposal to restructure the debt of Zoom Developers, the engineering procurement and construction company, has fallen through. Banks aren’t convinced of the company’s business model and feel only recasting the debt may not suffice.

SBI Caps was given a mandate to study its viability and to suggest a debt restructuring package. Lender banks have also declined to infuse fresh funds.

Zoom was admitted for corporate debt restructuring (CDR) last year but this process has been stopped. As a result, a consortium of 27 banks, with combined exposure of Rs 2,600 crore, will start trying to recover their loans. Punjab National Bank was the lead banker, with an exposure of Rs 450 crore, of which nearly Rs 300 crore was classfied by it as non-performing assets in the first quarter of 2010-11.

“We are not sure about the viability of the business model. So, restructuring the debt and giving more time to the company to repay may not yield the desired result,” said an official from one of the banks.

Most of its loans have been classified as non-performing and the required provisioning made.

Some banks said they were not confident about how much they could recover. Which would mean most of the amount has to be written off. For writing off a loan, banks need to make 100 per cent provisioning. Banks, however, can still recover from the written off accounts.

Zoom Developers is Mumbai-based, with projects mostly in countries abroad. It undertakes business and project development work, involving process plants, industrial and engineering projects, and energy, environment and infrastructure ones.

Once a company is admitted, as Zoom was last year, into the CDR mechanism, a proposal is worked on how to recast the debt, by giving more time to repay and also altering the interest rate. For approving a CDR proposal, 75 per cent of the lenders, both in amount and number, should agree.

The management of Zoom had asked for an additional Rs 2,000 crore from the banks. “Most of the banks declined, as they were uncertain of the company’s re-payment capacity,” said an executive from a public sector bank.
Courtesy:
Manojit Saha  |  Mumbai  April 6, 2011 Last Updated at 00:49 IST
http://www.business-standard.com/article/companies/zoom-debt-recast-fails-recovery-to-start-111040600111_1.html

CBI asks PNB to file FIR in Zoom case

Almost four months after initiating a probe into alleged fraud in loans to Zoom Developers, the Central Bureau of Investigation (CBI) has asked Punjab National Bank (PNB) to file a first information report (FIR) in the case.

In October 2010, CBI begun preliminary examination of charges of fraud in loans worth Rs 2,500 crore disbursed to the Mumbai-based project developer.

A senior PNB executive confirmed the development, but declined to elaborate, saying the bank would not speak about borrower-specific matters.

CBI had questioned banks on Zoom, which is already being treated as a non-performing account. Questions are also raised about the use of funds.

The Reserve Bank of India was also likely to get into the act since this was a case referred for debt restructuring, said a senior executive with another public sector bank.

PNB is the lead banker to Zoom Developers, with an exposure of Rs 450 crore, of which nearly Rs 300 crore has been considered non-performing assets by the bank in the first quarter of financial year 2011.
Courtesy:
BS Reporter  |  Mumbai  February 1, 2011 Last Updated at 01:11 IST
http://www.business-standard.com/article/finance/cbi-asks-pnb-to-file-fir-in-zoom-case-111020100076_1.html

Zoom to invest Rs 1,000cr to build SEZ at Indore

Mumbai-based Zoom Developers, engaged in diversified businesses including real estate, plans to invest Rs 1,000 crore in the next three years to construct a 100 hectare IT-ITeS special economic zone (SEZ) at Indore, Madhya Pradesh. The company got a nod for the SEZ from the board of approval (BoA) last week.

"We are planning to invest Rs 1,000 crore to develop a 250-acre multi-services SEZ including IT and ITeS at Indore," Rumneek Bawa, president and CEO, Zoom Developers told PTI.

The planned investment, which excludes the cost of land, would largely be met through debt, he said, adding that the SEZ was expected to be notified in the next two months.

Bawa said the company already has the ownership as well as possession of the land where SEZ would be developed.

A further investment of Rs 1,500 crore is expected from units who propose to establish operations in the SEZ, he added.

The company estimates an export turnover of one billion dollars over a period of five years after the development and full occupation of the zone, Bawa said.

Zoom would develop about two million square feet of ready-built infrastructure in the SEZ.

The company has 200 acres of additional land near the SEZ where it would develop an integrated township. The state government has approved the township project.
Courtesy:
Press Trust of India  |  New Delhi  June 25, 2007 Last Updated at 16:11 IST
http://www.business-standard.com/article/companies/zoom-to-invest-rs-1-000cr-to-build-sez-at-indore-107062500035_1.html

पांच बैंकों को ९६६ करोड़ का 'जूम' का झटका

इंदौर: सीबीआई की अनुशंसा पर प्रवर्तन निदेशालय ने जिस जूम डेवलपर्स प्रालि के खिलाफ इन्फोर्समेंट केस इन्फॉर्मेशन रिपोर्ट (ईसीआईआर)  दर्ज की है उसने २००७-०८ की वैश्विक मंदी की आड़ में भारत की पांच बैंकों को ९६६ करोड़ रुपए का चूना लगाया है।

जांचकर्ता अधिकारियों की मानें तो जूम के संचालक विजय चौधरी ने विदेश में अलग-अलग परियोजनाओं के नाम पर बैंक गांरंटी ली। बाद में गारंटी इनकैश कराई और खुद को दिवालिया साबित कर कर्ज अदायगी के नाम पर हाथ खड़े कर दिए, जबकि बाद में इसी रकम को अलग-अलग फर्मों के नाम से निवेश कर दिया।

सीबीआई ने जो दस्तावेज ईडी को सौंपे हैं, उनके मुताबिक जूम ने २००४ से २००९ के बीच यूरोप और यूएई में अलग-अलग विकास परियोजनाओं के नाम पर बैंक गारंटी के लिए अप्लाय किया। बताया गया कि विदेश में काम मिला है। ७० प्रतिशत राशि का भुगतान होगा पर उससे पहले काम शुरू करने के लिए ३० प्रतिशत राशि की बैंक गारंटी चाहिए। कुल २५ बैंकों के कंसोर्टियम ने राशि मंजूर कर दी। इसी बीच २००८-०९ में मंदी छाई रही जिसकी आड़ लेकर कंपनी ने स्वयं को दिवालिया घोषित कर दिया।

जांचकर्ताओं की मानें तो सच्चाई यह है कि परियोजनाओं के नाम पर बैंक गारंटी ली गई लेकिन बिना काम किए विदेशी वित्तीय संस्थानों की मदद से बैंक गारंटी इनकैश कर ली। बाद में यही राशि उन्हीं देशों में निवेश कर दी गई। इसका खुलासा बैंकों की संयुक्त शिकायत पर २०११ में दिल्ली में जूम डेवलपर्स के खिलाफ मुकदमा कायम करने के बाद सीबीआई द्वारा की गई छानबीन में हुआ। सीबीआई जल्द ही चालान पेश करेगी।

इन बैंकों को लगाई चपत
* यूनाइटेड इंडिया बैंक
* पंजाब एंड सिंध बैंक
* कर्नाटक बैंक
* इलाहाबाद बैंक
* सेंट्रल बैंक आफ इंडिया
* देना बैंक
* यूनियन बैंक आफ इंडिया
* आंध्रा बैंक
* सिंडिकेट बैंक
* बैंक आफ बड़ौदा
* इंडियन ओवरसीज बैंक
* कॉरपोरेशन बैंक
* इंडियन बैंक
* विजया बैंक
* पटियाला बैंक
* स्टेट बैंक आफ बीकानेर एंड जयपुर
* ओरियंटल बैंक आफ कॉमर्स
* यूको बैंक
* स्टेट बैंक आफ हैदराबाद
* कैनरा बैंक
* पंजाब नैशनल बैंक
* स्टेट बैंक आफ त्रावणकोर
* तमिलनाडु मर्केंटाइल बैंक लिमिटेड
* फेडरल बैंक
* स्टेट बैंक आफ इंडिया।

सीबीआई को इन बैंकों ने की शिकायत
पंजाब नैशनल बैंक                ४०९ करोड़
यूनियन बैंक आॅफ इंडिया           २३० करोड़
यूनाइटेड इंडिया बैंक               १६७ करोड़
सिंडिकेट बैंक                     ८३ करोड़
कैनरा बैंक                       ७७ करोड़

२०११ में जारी की नॉन प्रोडक्टिव असेट्स
पीएनबी                         ३०० करोड़
इंडियन बैंक                      १२० करोड़
सेंट्रल बैंक                        १०० करोड़
यूनियन बैंक                      ५० करोड़
देना बैंक                         ५६ करोड़
बैंक आॅफ बड़ौदा                   ३६ करोड़
फेडरल बैंक                         १७ करोड़
(पंजाब नैशनल बैंक ने ४५० करोड़ में से ३०० करोड़ रुपए एनपीए घोषित किया था, जो कि वित्तीय वर्ष २०१०-११ के कुल एनपीए राशि का ८ प्रतिशत था। बैंकें मान चुकी थीं कि अब पैसा मिलना ही नहीं है।)
साभार:
विनोद शर्मा
Posted On:Saturday 7/09/2013
http://dabangdunia.co/news.php?newsid=5cdfae39d5b91e33b1d7422ebdcd6437#.UjyWfVONCSo

Friday, September 20, 2013

Shreesurya's capital base is just Rs 14 lakh


There are 10 companies floated under the Shreesurya banner, and the total paid-up capital comes to Rs 14 lakh. Nine of the companies have paid-up capital of just Rs 1 lakh each, with the last one having Rs 5 lakh. Paid-up capital is the funds contributed by the owners in a business.

The norms require a minimum capital of Rs 1 lakh for floating a private limited company. Sameer Joshi and his wife Pahlavi are directors in these companies, all with the same registered address at Pratap Nagar.

Joshi has been maintaining that funds are collected from the public in the name of Shreesurya Investments, which is a Hindu Undivided Family (HUF) firm, and further invested in the private limited companies.

Joshi has claimed that his own contribution in the businesses is around Rs 30 crore, which is certainly not reflected in the equity base of these companies available at the MCA website. Joshi was not available for comment despite repeated calls on his cellphone. He is admitted to a city-based hospital after he got bouts of depression and hypertension.

Financial professionals say that the Rs 1 lakh equity base and all units registered at the same place are typical signs of dummy companies.

There are chances that the equity-base would have further shrunk, if the books show losses in the business. The money collected from the public could possibly be shown as loans, but if the balance sheets do not show the amount at all, then the entire affair becomes questionable, said a senior chartered accountant.

Social activist Kishore Tiwari has called for government intervention in the matter, saying that a capital base as low as one lakh certainly appears to be fishy. "How is the money collected from public accounted as," he asked.

Financial consultant Ranjit Dani said the equity base shows the amount put in by the promoters. One lakh is the least amount needed for forming a company. "The word company looks attractive and hence is often used to attract depositors."

The companies under the Shreesurya fold range from those dealing in auto finance to real estate and media.
Courtesy:
Shishir Arya, TNN | Aug 19, 2013, 04.24 AM IST
http://timesofindia.indiatimes.com/city/nagpur/Shreesuryas-capital-base-is-just-Rs-14-lakh/articleshow/21906585.cms

After milking investors dry, Shreesurya chief says profits are easy as churning milk


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.
Courtesy:
Shishir Arya, TNN | Aug 15, 2013, 01.25 AM IST
http://timesofindia.indiatimes.com/city/nagpur/After-milking-investors-dry-Shreesurya-chief-says-profits-are-easy-as-churning-milk/articleshow/21834175.cms

Shreesurya never got nod from regulators


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 Management Company 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.
Courtesy:
Shishir Arya, TNN | Aug 14, 2013, 01.31 AM IST
http://timesofindia.indiatimes.com/city/nagpur/Shreesurya-never-got-nod-from-regulators/articleshow/21812616.cms

Shreesurya defaults, leaving gullible investors high and dry


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. Shreesurya Investment 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 Insurance Corporation'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.

Nagpur: Shreesurya group chairman Sameer Joshi issued a letter on Monday evening clarifying that the group was stable and a balanced enterprise. He said reports of it being in trouble was a conspiracy by the unnamed "blackmailers" to defame it. He said the group had consistently grown in last seven and half years in establishing their products - a range of edible oils, packaged drinking water, restaurants, travel advisory, healthcare and retail.

Joshi also called up TOI office stating he would be back by Wednesday and would conduct a press conference to clarify his stand. Earlier, his kin told TOI he was not keeping well since last four days due to all these developments and was admitted to the hospital. "Our assets today stand at Rs 50 crore while liabilities including borrowing from well-wishers and associates do not exceed Rs 70 crore," Joshi said while denying he had liability of over Rs 1,000 crore.

He appealed to his investors and associates not to fall prey to false and malicious rumours being spread by blackmailers. He also stated he would be available in the office on every Wednesday and Friday between 3pm and 6pm to meet the investors and assured that the present crisis was a 'temporary situation' created due to recession in global markets. "As a responsible enterprise, we have the strategy to overcome this crisis. The investors will not be put to any losses and capital investments would be returned in a phased manner," he said while concluding his letter that mentioned his mobile number (9371136667) and address as Plot No 90, Vidya Vihar Colony, at Pratap Nagar in city.

W​hat is shreesurya investment?
Shreesurya Investment, which styles itself as a Hindu Undivided Family (HUF) business, has been in existence for the last seven years. It has been inviting deposits from the public promising huge returns. There are several schemes offering returns as high as 30 to 40% per annum, a money doubling plan with a two year tenure as well as an insurance scheme.

A finger in each pie
Sameer Joshi maintained that the money he received from the public was invested into a whole gamut of businesses, ranging from edible oil, transport, restaurants, packaged drinking water, health care, retail, dairy products gym-spas and financial services. But the prominent establishments were the Goods and Kapee stores at Congress Nagar as well as supermarket at Pandey Layout. Joshi has been claiming that profits in these businesses were so huge that he could manage such magnificent returns. But his explanation did not go beyond this.

H​ow much money is involved?
Joshi himself puts the amount at below Rs 70 crore collected from close to 3,000 individuals which he claims to be from his close circle. However, there have been several other estimates pegging the amount to be anywhere up to Rs 300 to Rs 500 crore. If one goes by Joshi's claim of having collected Rs 50 crore from 3,000 investors, the average investment comes to around Rs 1.6 lakh per person. But during recent visits to Shreesurya's office, TOI came across several people having invested in the range of Rs 10 to Rs 50 lakh which gives an indication of the total amount being higher. There is no official count of the money involved so far.

Who is Sameer Joshi?
His family is one of the old residents of the locality near Hotel Hardeo, Sitabuldi. Joshi is learnt to have begun as an insurance agent, and later ran a business as a C&F agent at Chandrapur, which soon ran into losses and invited legal trouble. He was bailed out from this tangle by a a self-styled godman from Amravati, whom Joshi is close to. After this, he floated the Shreesurya Group with the godman's disciples being the first investors. His proximity to local leaders is also not ruled out. Till seven years ago, when he started this business, Joshi was hardly known in the business circles.

Rise and rise
Joshi moves owns a BMW and Mercedes, supposed to be purchased after Shreesurya was floated. A chartered accountant who had also headed the local branch of ICAI was once canvassing for his schemes. Sources say that the number of investors can range up to 25,000.

Who were the target depositors?
The godman's disciples became the first followers of Joshi, and soon the fold increased as the word spread. According to initial reports, a chunk of investors are senior citizens who have parked their retirement funds in the scheme. There are large groups of investors from different government organizations.

When did payments stop?
Shreesurya started facing hiccups from early 2013 and investors say that the defaults began from May. Joshi has cited global recession as the reason for his inability to pay back.

Other Ponzi schemes
* Nagpur has a history of Ponzi schemes. The biggest one so far has been Mahadeo Developers run by chartered accountant Pramod Agrawal which promised doubling the money in two and a half years by investing in real estate. The firm went bust in 2010. Agrawal was arrested and is being tried as investors wait to get their money.

* This was followed by J S Financials, a stock broking firm run by husband-wife duo Jayant and Varsha Jhambre, who collected an amount also running into crores promising huge returns through stock trading. The couple has been arrested but investors are yet to get their fund back. Their clients included professionals like doctors.

* Last year, Nagpur man Ulhas Khaire along with his wife Raksha was in news for his M/s Stockguru which again offered such fabulous returns. Khaire operated from Delhi and the fraud is estimated to be at Rs 500 crore. Khaire has been arrested too. The scam also brought several income tax officers in the net.
Courtesy:
Vaibhav Ganjapure & Shishir Arya, TNN | Aug 13, 2013, 02.24 AM IST
http://timesofindia.indiatimes.com/city/nagpur/Shreesurya-defaults-leaving-gullible-investors-high-and-dry/articleshow/21789996.cms

Joshi plays down liability, says has plan to overcome crisis


NAGPUR: Shreesurya group chairman SameerJoshi issued a letter on Monday evening clarifying that the group was stable and a balanced enterprise. He said reports of it being in trouble was a conspiracy by the unnamed "blackmailers" to defame it. He said the group had consistently grown in last seven and half years in establishing their products - a range of edible oils, packaged drinking water, restaurants, travel advisory, healthcare and retail.

Joshi also called up TOI office stating he would be back by Wednesday and would conduct a press conference to clarify his stand. Earlier, his kin told TOI he was not keeping well since last four days due to all these developments and was admitted to the hospital. "Our assets today stand at Rs 50 crore while liabilities including borrowing from well-wishers and associates do not exceed Rs 70 crore," Joshi said while denying he had liability of over Rs 1,000 crore.

He appealed to his investors and associates not to fall prey to false and malicious rumours being spread by blackmailers. He also stated he would be available in the office on every Wednesday and Friday between 3pm and 6pm to meet the investors and assured that the present crisis was a 'temporary situation' created due to recession in global markets.

"As a responsible enterprise, we have the strategy to overcome this crisis. The investors will not be put to any losses and capital investments would be returned in a phased manner," he said while concluding his letter that mentioned his mobile number (9371136667) and address as Plot No 90, Vidya Vihar Colony, at Pratap Nagar in city.
Courtesy:
TNN | Aug 13, 2013, 01.47 AM IST
http://timesofindia.indiatimes.com/city/nagpur/Joshi-plays-down-liability-says-has-plan-to-overcome-crisis/articleshow/21789364.cms

Shreesurya Scam : Joshi stage managed police raid to keep away investors in Nagpur


The picture of Shreesurya Investment Fraud is getting uglier by the day. The orchestration of police security outside the company’s office at Telecom Nagar in Nagpur turned out be an eyewash for the investors queuing up to get their money back. About a dozen of big ticket investors have parked whopping funds ranging from Rs 30 to Rs 40 lakhs each, while there were hundreds of others who deposited from Rs 21,000 to Rs 1 lakh in the honey trapping schemes of the company.

A resident of Shankar Nagar informed that one of his relatives had deposited around Rs 40 lakh last year in August. He had chosen the period of deposit up to November, 2012. The company’s chief Sameer Joshi who is currently seeking medical help to sail safe in the current adversities, provided a written consent promising him a big return with an interest rate of 4 percent per month. When this person went to withdraw his money back in December, he was misguided with the theory of year ending and asked to get it withdrawn in January 2013. He was again refused in this month and asked to come in February. Again, Joshi excused himself from paying off, citing the financial year end as the reason. He was told to come after March. In February, when one of the news channels flashed the scam, Joshi allegedly managed the situation. However, the said investor has been coming to his office but to no avail. Now the investor is contemplating to drag Joshi to the court.

As the scam was exposed last month, Joshi deliberately got a battery of policemen deputed at his Telecom Nagar’s office to keep away the investors under the disguise of raid. Joshi has reportedly fabricated the police force in such a manner that every investor turning up at his office was sent back after being informed that the raid is being conducted, which was actually stage managed. Sources even questioned whereabouts of the cops and on whose behest were they protecting the scam master.

When few investors got an air of the raid, they hurriedly called up Joshi who clarified that it was put up just to keep the investors at bay.

Joshi hospitalized
Sources informed that Shreesurya chief Sameer Joshi has been admitted to a city hospital after he suffered decline in his health condition. He has been continuously reeling under stress. It is also learnt that Joshi has been deliberately trying to land in mental hospital in order to avoid immediate legal action against him. This way he can smartly keep the aggrieved investors away from his reach.

Splurged on scribes
It is learnt that Joshi has been busy managing those journo who are out to expose him in this multi crore scam. Joshi has reportedly presented a motorbike to a scribe from daily newspaper while lakhs of rupees have been splurged on the media to block the coverage.
Courtesy:
Nagpur News.
Published On: Sat, Aug 10th, 2013
Business News / News Today | By Nagpur Today
http://www.nagpurtoday.in/shreesurya-scam-joshi-stage-managed-police-raid-to-keep-away-investors-in-nagpur/

Cops sleeping, investor moves SEBI against Shreesurya


NAGPUR: One more investor has filed a complaint with capital market regulator Securities and Exchange Board of India (Sebi) against the controversial Shreesurya Group. The investor had earlier filed three complaints with different police stations in city, but the cops are yet to take any action in the case.

The first complaint to Sebi was filed over a month ago, after the defaults had begun, by a senior scientist in a central government research agency, who did not want his identity to be revealed. Now, Chandrakala Nagotra, an employee of All India Radio (AIR), has approached Sebi against Shreesurya.

Nagotra had lodged separate complaints at Dhantoli and Ganeshpeth police stations as well as with the Economic Offences Wing (EOW). She had invested around Rs 9 lakh in Shreesurya's schemes, but did not get the money or interest when it was due.

A source in Sebi confirmed that a complaint has been received and forwarded to the concerned department.

Nagotra's complaint to Sebi has pointed out that Sameer Joshi, chairman of Shreesurya Group, had issued signed promissory notes which assured to pay quarterly interest. The company paid interest up to April 2013, but investor were subsequently asked to renew investments in his firm's schemes. Those who insisted on a payout were flatly refused, said Nagotra's lawyer Mugdha Chandurkar, citing her complaint letter.

The modus operandi of the firm was that it accepted deposits and issued promissory notes, and then paid in cash at the time of maturity, she added.

Meanwhile, Joshi told TOI that he was back at work and is available at his Rana Pratapnagar office. "Things are going fine now. I don't need to worry about Sebi as my business does not come under its ambit," he said.

Meanwhile, the police seem to be still busy in passing the buck in this case. When TOI inquired at Dhantoli police station, where Nagotra had filed a complaint, inspector in charge MF Shende said he had sent the case to Rana Pratapnagar, where Shreesurya Group has its office. At Rana Pratapnagar, officer in-charge MP Pagare said he had not received any such complaint yet. Even Kailash Kanse, deputy commissioner of police under whose zone Rana Pratapnagar station comes, said he had not come across any such complaint.

At Ganeshpeth police station, police inspector M Tembre claimed ignorance about the case. Sunil Kole, a DCP rank officer in EOW had the same answer, but he assured to inquire into it the next day. Commissioner of police KK Pathak, who was apprised about the whole affair, also said he would look into the matter.
Courtesy:
Vaibhav Ganjapure & Shishir Arya, TNN | Aug 30, 2013, 01.55 AM IST
http://timesofindia.indiatimes.com/city/nagpur/Cops-sleeping-investor-moves-SEBI-against-Shreesurya/articleshow/22151030.cms

Shreesurya investors complain to cops, EOW


NAGPUR: One more investor of the now beleaguered Shreesurya Group has lodged a complaint against its chairman Samir Joshi and his wife Pallavi for having defaulted in their payment. An employee of All India Radio (AIR) Chandrakala Nagotra has invested 9 lakh in Shreesurya's schemes attracted by the astronomical returns offered by promoters.

Nagotra filed three separate complaints on Monday as she is also bracing for a legal battle with Joshis. The first complaint was filed at Dhantoli Police Station as Joshis' residence at Sitabuldi came under its jurisdiction, another at Ganeshpeth police station where Nagotra herself lives and third with Economic Offences Wing (EOW) of local crime branch. She also plans to lodge a compliant with Security and Exchange Board of India ( SEBI), her lawyers Rohan and Mugdha Chandurkar told TOI. However, no offence has been registered against Joshis till date.

Dhantoli police inspector MF Shende confirmed that the complaint was filed but refused to spell out details of further action. "Currently, I am on another assignment, but we will look into it," he said. Nagotra's lawyers are also planning to file a writ petition in Nagpur bench of Bombay high court if the police failed to act.

Nagotra could initially recover principal amount of 5 lakh invested into Shreesurya's schemes that promised to double the amount in two years. Later she not only re-invested the returns but also borrowed more money from non-banking finance companies (NBFCs) to further invest in Shreesurya. By that time, the firm had begun defaulting.

She was assured by Joshis of receiving fabulous returns of 19 lakh on the amount and was given promissory notes and cash vouchers with Sameer Joshi as authorized signatory. She made her daughter Jyoti her nominee of the returns. When her daughter went to collect the interest amount in April this year, they flatly refused to pay. Instead they handed over a notarized statement that due to global slowdown, the group was facing financial crunch and would take about six to eight months to recover.

In dire need of money to repay the loan secured from NBFCs, she wrote Joshis a registered letter and also visited the office several times. She tried to call Joshi on his personal number (9371136667) but all the attempts failed. Even her daughter Jyoti, who was earlier working with Shreesurya Super Mart, was shown the door, when she queried about getting back interest amount. She was charged with committing theft in the office.

Nagotra's lawyers stated that she met with Joshi couple at their earlier headquarters in Pratap Nagar in September 2010, and they explained about their various schemes promising good returns. They also presented documents of other people like her who had invested in their schemes and were getting returns. She was told by Joshis that they invested this amount into their various businesses. Lured by their talks, she first invested 10,000 and was offered membership number and a card, which was a part of modus operandi of the group. Afterwards, she started receiving calls from Shreesurya office advising her to invest while assuring her that her deposits were completely safe and she would be given double or triple the interest being offered by banks.

She was also lured by their family friend named Khandekar who is working with the group. Nagotra alleged that even Khandekar and a majority of employees had invested in group's schemes, including an illegally floated insurance scheme that does not have any permission from the Insurance Regulatory and Development Authority ( IRDA). She initially invested 5 lakh in 2010 and received 5.70 lakh in return, which prompted her to invest more.

She claimed many complaints were filed in the police stations against the group.

Key points
AIR employee Chandrakala Nagotra filed three separate complaints on Monday Despite investing 9L, Nagotra failed to receive the due interest All attempts to get in touch with Shreesurya chief Samir Joshi went in vain When her daughter Jyoti went to enquire about the interest returns, she was charged of theft Nagotra plans to file a case with Economic Offences Wing
Courtesy:
Vaibhav Ganjapure & Shishir Arya, TNN | Aug 21, 2013, 11.30 PM IST
http://timesofindia.indiatimes.com/city/nagpur/Shreesurya-investors-complain-to-cops-EOW/articleshow/21963767.cms

HSBC Whistleblower Speaks, Uncovered Terrorist Financing

We are posting a news from Daily Paul Liberty Forum Submitted by kevink on Wed, 09/18/2013 - 19:56

URL
http://youtu.be/QRYEFEJRw44


Monday, September 16, 2013

Shreesurya group chairman Sameer Joshi admits of “temporary crisis”


Nagpur News: If report are to be believed, Shreesurya group chairman Sameer Joshi has issued a letter on Monday to few of his good friends in Media Circle clarifying that the group was stable and a balanced enterprise.

In the letter he has written of it being in trouble was a conspiracy by the unnamed “blackmailers” to defame it.

According to our sources Joshi has even called his special journo friend ( it is reported that this journo got a motorbike as gift from Joshi few days back ) and told him about the company current assets including liabilities like borrowing from well-wishers and associates while denying he had liability of over Rs 1,000 crore.

In his telephonic talk with the said Journo, Joshi said that the present crisis was a ‘temporary situation’ created due to recession in global markets.

Investor are asking Why is Sameer Joshi hiding, Why he is not coming in open and denying the rumors going on, if he is clean and running everything under the Govt. of India guideline he should come forward and clear the air.

“The depositors of the company are very hard sufferers.The company should dispose of their assets and satisfy the depositors”, said one of the investor to Nagpur Today.
Courtesy:
Published On: Tue, Aug 13th, 2013
Business News / News Today | By Nagpur Today
http://www.nagpurtoday.in/shreesurya-group-chairman-sameer-joshi-admit-of-crisis/