Investment firm owner held for fraud in Nagpurhttps://indianexpress.com/article/news-archive/web/investment-firm-owner-held-for-fraud-in-nagpur/

Investment firm owner held for fraud in Nagpur

Joshi was arrested around 11 pm Tuesday and was produced before a local court.

The Crime Branch of Nagpur police has arrested Sameer Joshi,owner of investment company Shreesurya,for alleged embezzlement to the tune of at least Rs 20 crore. Over 200 people had complained to the police that they had been duped of the money they had invested in the schemes offered by the company. Joshi was arrested around 11 pm Tuesday and was produced before a local court,which remanded him in police custody till October 21. “So far we have received complaints from 240 investors and the amount of defaulted payments is Rs 20 crore,” DCP Sunil Kolhe said. As reported earlier,Shreesurya had been running investment schemes since 2006 offering interests up to 50 per cent per annum. While Joshi did pay interests for the first few years,the schemes ran out of steam in February this year when the investors didn’t receive their payments.