Updated: September 11, 2020 12:38:54 pm
The Criminal Investigation Department (CID) of Maharashtra Police has arrested two directors of the Pune-based Samruddha Jeevan Foods India Limited and Samruddha Jeevan Multi State Multi Purpose Co-operative Society in connection with an alleged financial scam of Rs 3,700 crore.
The accused, Hrishikesh Vasant Kanse (30) and Supriya Vasant Kanse (36), were arrested from Pune on Wednesday, according to a press release issued on Thursday by Sandip Divan, superintendent of police of Economic Offences Wing, CID.
Over the last few years, several cases of alleged financial frauds involving Samruddha Jeevan Foods India Limited and Samruddha Jeevan Multi State Multi Purpose Co-operative Society have been lodged with different police agencies in Maharashtra and other states. The state CID is investigating four cases against these companies.
According to the CID, the two firms have been collecting money from small investors, most of whom are from rural and semi-urban areas, with promises of huge returns on investment in cattle and goat farms.
While several persons invested in these schemes, they never got the assured returns, leading to alleged financial fraud of Rs 3,700 crore, according to the CID.
The CID has named 25 accused in these cases, including Mahesh Kisan Motewar, the chairman and managing director of Samruddha Jeevan Foods India Limited, his wife Vaishali Motewar, Leena Motewar, Prasad Paraswar, Suvarna Motewar, Abhishek Motewar, Vishal Chaudhary and others.
The CID has been searching for the two key accused, Hrishikesh and Supriya Kanse, who have been on the run for the last five months, and were finally arrested on Wednesday. They were produced before a court in Pune on Thursday, and remanded to CID custody for seven days.
“So far, property worth Rs 233.33 crore has been attached and the process is on to seize more property from the accused,” stated the CID.
In 2013, the Securities and Exchange Board of India (SEBI) had barred the directors of Samruddha Jeevan Foods India Limited company from raising money from investors. In November 2015, SEBI officer Sachin Sonavane had lodged an FIR with the Deccan Gymkhana police station in Pune against the company and its four directors, including Mahesh Motewar and his wife Vaishali, for allegedly continuing to raise money from investors despite the ban. SEBI had found that besides facing several allegations of illegal practices, the company was running the scheme without proper approval.
Mahesh Motewar was arrested in December 2015 from Pune by the Osmanabad Police, in connection to a case of cheating registered in 2012. Motewar was later handed over to Odisha Police for investigation in connection to a chit fund case.
The Enforcement Directorate had also found that Mahesh Motewar and his firm collected money from investors and allegedly laundered it through 34 group companies.
Meanwhile, the state CID took over the probe in cases registered against Samruddha Jeevan Foods India Limited in Pune and other parts of the state. The CID also filed chargesheets against the accused in these cases.
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