Samruddhi Wealth Management Pvt Ltd fraud case

Samruddhi fraud amount goes up to Rs 3.75 cr
Nashik( 07-August-2012 )
Tags : Deshdoot Times,Samruddhi fraud amount goes up to Rs 3.75 cr
Nashik: The amount of fraud in Samruddhi Wealth Management Pvt Ltd fraud case in which hundreds of investors were deceived under the pretext of doubling.....
Nashik: The amount of fraud in Samruddhi Wealth Management Pvt Ltd fraud case in which hundreds of investors were deceived under the pretext of doubling the invested money in 14-month duration and 6% per month interest on Rs one lakh investment, has gone up to Rs 3.75 crore from the earlier Rs 1.25 crore. The number of duped investors is on the rise and police have failed in tracing the whereabouts of company MD Ajay Vasudev Kshatriya. After registration of a complaint against Samruddhi Wealth Management Pvt Ltd, Mumbai Naka in Bhadrakali Police, there is panic among the investors. The case was registered on Monday following a complaint by one investor Madhuri Kotkar who was the neighbour of Kshatriya. The next day, 14 more investors showed the Promissory Note and other documents given to them by Kshatriya to the police and gave written statements that they were cheated by Kshatriya. The amount of the fraud then went up to Rs 1.25 crore. In next four days, 71 investors submitted their documents and statements taking the amount to Rs 3.75 crore. Meanwhile, Bhadrakali Police have given letters to all banks in the city telling them to freeze all accounts of Kshatriya. In the inquiry, it’s been revealed that Kshatriya has Rs 4 lakh in his ICICI Bank account. Police has started the work to collect information on Kshatriya’s property. His colleague Sanjay Muralidhar Sonawane, resident of Sinnar, is also under the scanner of the police. According to information, people from various parts of the district have invested money in these schemes and Kshatriya has cheated even his close relatives. Some investors have informed that the number of investors is around 3,500 and expressed possibility that the amount of the fraud may go up to Rs 130-150 crore. Though some people have invested huge amounts, they are not willing to go to the police to avoid the Income Tax issue in future. These also include some government officials. It has also come to light that some people have become millionaires in the schemes of the company which was started 8-9 years ago. There are problems in tracing whereabouts of Kshatriya as he has switched off his mobile phone, however, the police are searching for the directors and agents of the company. Bhadrakali police station PI Narendra Gaikwad is investigating the case under the guidance of senior PI Bajirao Bhosale.