Chit fund scam: Motewar sent to judicial custody, to be sent to Odisha for further probe

Motewar is presently in the custody of the CID and would be handed back to Odisha police for further investigation in a chit fund scam.

By: Express News Service | Pune | Published: April 13, 2016 12:18 am

Mahesh Motewar, the chairman and managing director of the controversial multi-crore collective investment scheme company Samruddha Jeevan Group, was remanded to magisterial custody on Tuesday. Motewar is presently in the custody of the CID and would be handed back to Odisha police for further investigation in a chit fund scam.

The CID is currently investigating a cheating case against Motewar at Chaturshungi police station, which was registered in 2014. Though earlier, he had managed to receive bail, the CID had arrested him under the stringent Maharashtra Protection of Interest of Depositors (in financial establishments) Act, 1999.

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In 2013, the Securities and Exchange Board of India (SEBI) had barred the directors of the company, headquartered at Shivajinagar in Pune, from raising money from investors. An offence was also registered against the directors, including Motewar, at Deccan Gymkhana police station for allegedly continuing to raise money from investors despite the ban.

Motewar was produced before a special MPID court on Tuesday by DSP, CID, SE Pacharane. The CID told the court that Motewar would be handed back to Odisha police for an ongoing investigation in the chit fund scam. The special court of special judge SG Kale remanded Motewar to magisterial custody of 14 days. Motewar is presently investigated by the CID, CBI, Maharashtra police and Odisha police.

The company had been collecting money from small investors, most of whom were from rural and semi-urban areas, with promises of huge returns on investment in cattle and goat farms. SEBI had found that besides facing several allegations of illegal practices, the company was running the scheme without proper approval.

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  1. S
    sachin pan
    May 3, 2016 at 1:26 am
    I request government of india to , repay to public investment from mahesh motewar .we dont intrest in mahesh motewar past .we want our money back.i request gvnt plse repay investers money first ,then continous u r investigation
    1. A
      Nov 7, 2016 at 4:48 am
      I request government of india , please make a decision on Student EBC scholarship which was not yet given to the student, who has taken a big amount of loan for their education, where the college is Siddhant College of Engineering owned by;br/gt;lt;br/gt;because of his scam, student are also suffering from it , They didnt get an EBC scholarship of year 2015 and 2016 too
      1. N
        nishikant jadhav
        May 20, 2016 at 9:50 am
        Every single body of governmentof India and Maharashtra and all state is Responsible who given registration and license of Doing business in theri area. without any goverment regulaion he doing his unwanted un permited business plan in country. without;br/gt;lt;br/gt;WHo Make payment investors ? goverment is totally reponsible for same, they have to make it.