SEBI files criminal case against Samruddha Jeevan Foods

The company allegedly raising money from investors despite being barred from doing so.

By: Express News Service | Pune | Published: November 2, 2015 10:10 am
Samruddha Jeevan Foods, Samruddha Foods sebi, ponzi scheme, ponzi scam, samruddha sebi, market news, pune news, maharashtra news, india news The company’s office in Pune. (Express Photo)

A criminal offence has been registered against the multi-crore collective investment scheme company, Samruddha Jeevan Foods, and its four directors for allegedly continuing to raise money despite being barred from doing so by the Securities and Exchange Board of India (SEBI).

The police said arrests would be made in the case after concrete documentary evidences were collected.

In 2013, the SEBI had barred the directors of the company, which is headquartered in Shivajinagar, from raising money from its 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 from cattle and goat farms. SEBI board had found that besides facing several allegations of malpractices, the company was running the scheme without a proper approval which was mandatory.

On Saturday, a SEBI officer, Sachin Sonavane, lodged a formal first information report (FIR) with the Deccan Gymkhana police station. The FIR is against the company and its four directors, Mahesh Kisan Motewar, Vaishali Motewar, Ghanshyam Patel and Rajendra Bhandare.

Senior inspector Praveen Chaugule of Deccan Gymkhana police station said, “The SEBI had asked the company to stop raising money from public. But according to SEBI findings, the company kept collecting money and so SEBI officials have lodged a complaint.”

The police said though they were yet to ascertain the number of investors and total investments done by the company, primary estimates suggested that the number of investors ran into thousands while total amount raised by the company was in crores.

“We will certainly make arrests in the case, but only after we collect concrete evidence of wrongdoing. The offence has been registered under Indian Penal Code sections 420 (cheating and dishonestly inducing delivery of property), 188 (disobedience to order duly promulgated by public servant) and 120B (criminal conspiracy),” Chaugule said.

Several calls made to the landline numbers of the company to seek a comment went unanswered.

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  1. JOGENDER DHIRYAN
    Sep 9, 2017 at 8:09 pm
    मै गीता पत्नी रविनदर बरमन , गाव उझा, थाना-चांदनी बाग जिला पानीपत की रहने वाली हू.. मेरे साथ भी समरदध जीवन योजना के तहत 30000/ हजार रुपए का जमा करा कर वापिस करने का धोखा किया गया.. जिसमे मेरे गॉव की ही सरोज रामनिवास एजेंट का काम करती थी.. मेरा फोन न. 9813812090
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    1. V
      vinod kumar pathak
      Jul 12, 2017 at 7:35 pm
      Maine v 1 lakh fixed kiya hai samruddha jeevan multi estate multipurpose co oprative society me ye fix maine february 2015 me kiya kuchh monthly aur yearly mode me v jama kiya hu lgvg 50000 :-) kaise mai return lu mera paisa koi rasta batlaiye
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      1. R
        Rocky badariya rajasthan
        Jul 7, 2017 at 7:26 pm
        in haramkhoro ko bholi bhali janta hi milti h lootne k liye ? govt. authority ko chahiye ki har ek aam admi ka pura paisa vapis mile
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        1. R
          Rocky badariya rajasthan
          Jul 7, 2017 at 7:21 pm
          plz return money all consumer and how reach/contact this company ?
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          1. K
            KR GEHLOT
            Jun 1, 2017 at 3:59 pm
            How we will get our money back i.e.fix deposite made before five year in samrudhi jivan food India Ltd.please Help us to get our hardworking money.
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            Reply
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