Pune CID initiates panchnamas of Samruddha Jeevan Group properties for attachment
The CID said that a report on these properties would be soon sent to the district collector, who has the powers of property attachment.
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Mahesh Motewar .
The STATE Criminal Investigation Department (CID) has started panchnamas of the properties of controversial Samruddha Jeevan Group headed by Mahesh Motewar for their attachment.
The CID said that a report on these properties would be soon sent to the district collector, who has the powers of property attachment. The CID is currently investigating a cheating case registered against Motewar at Chaturshungi police station back in 2014 in connection to a chit fund scam.
Though earlier, Motewar had managed to get bail, the CID had arrested him under the stringent Maharashtra Protec-tion of Interest of Depositors (in financial establishments) Act, 1999 (MPID).
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It may be recalled that in 2013, the Securities and Exchange Board of India (SEBI) had barred the directors of the company, which is headquartered in Shivajinagar in Pune, from raising money from its investors.
A senior CID officer said, “The panchnamas of the properties in Pune and surrounding areas has started. The main office of the Samruddha Jeevan Group, located in Shivajinagar, has been sealed. A report would be sent to the district collector who has the powers of property attachment.”
The officer added, “The group owes crores of rupees to thousands of small investors. The ultimate aim of attaching the properties is to recover the money from the group and give it back to the investors.”
The company had been collecting money from small investors, majority of whom are from rural and semi-urban areas, with promises of huge returns on investment in cattle and goat farms. The SEBI board had found that besides facing several allegations of illegal practices, the company was running the scheme without a proper approval which is mandatory.
An offence has also been registered against the directors of the company, including Motewar, at Deccan Gymkhana police station for allegedly continuing to raise money from investors despite the ban.
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