Wednesday, December 30, 2015

SEBI asks two companies Multi Purpose Bios India and Prayas Projects India to refund investors money

 New Delhi, Dec 29:

Cracking a whip on illegal money pooling schemes, markets regulator SEBI on Tuesday asked two companies —— Multi Purpose Bios India and Prayas Projects India —— and their directors to refund money collected from the public.

According to the Securities and Exchange Board of India (SEBI), Multi Purpose Bios collected Rs. 5.97 crore from more than 1,460 people through redeemable preference shares between financial year 2007-08 and 2011-12.

While, Prayas Projects raised Rs. 86.32 lakh from 154 investors through issue of non-convertible debentures during 2011-12 and 2012-13.

The refund has to be made along “with an interest of 15 per cent per annum compounded at half yearly intervals, from the date when the repayments became due to the investors till the date of actual payment,” SEBI said in two similar worded orders.

According to the market regulator, the funds raised by the two Kolkata-based companies through the issues amounted to a public offer as it was made to more than 49 persons and as a result required mandatory listing on the stock exchanges.

The regulator has directed the companies and its directors to “jointly and severally, shall forthwith refund the money collected by the company through the issuance of redeemable preference shares“.

Besides, the companies and its promoters and directors have been barred from the securities markets for four years and the ban will continue till the completion of refund to investors.

In case Multi Purpose Bios India and Prayas Projects India fail to comply with these directives, SEBI would make a reference to state government or local police to register a case against the company for fraud.

Besides, the Ministry of Corporate Affairs would initiate the process of winding up of the company.

The regulator said that the order will come into force with immediate effect.

Wednesday, December 9, 2015

Saiprasad investment scam - 2000 crores fraud by Bhapkar


Saiprasad investment scam - 2000 crores fraud by Bhapkar - cheated 20 lacs peoples

Saiprasad Properties limited
Saiprasad Foods Limited


Cops raid Ponzi firm in Phulbani



BHUBANESWAR: Police on Sunday seized several documents during a raid on Pune-based Sai Prasad Properties Ltd's Phulbani branch office in Kandhamal district and detained its accountant. The accountant was identified as Rakesh Pradhan, police said.

Police swung into action after people informed the police that the officials of the Ponzi firm were trying to transfer its documents from the locked office in Phulbani. The branch office of the company was locked in February 2013 when the district police launched raids on chit fund companies.

"The preliminary investigation revealed that the company was not collecting deposits after the raids started in February 2013," said SP (Berhampur) K V Singh. Before that the company might have collected money from investors, he said.

"We are trying to find out the amount of deposits, number of depositors and area of operations," said IIC, Phulbani Town police station, Umakanta Pradhan.

Thursday, December 3, 2015

Swiss accounts: Yash Birla, City Limo chief, Ponty son-in-law among five new names


The names of these 5 "Indian nationals" have been made public in Switzerland's Federal Gazette with regard to details sought about them by the Indian authorities.


Industrialist Yashovardhan Birla, City Limousine chairman Sayed Mohamed Masood and his wife Chand Kauser Mohamed Masood are among five Indian nationals with Swiss bank accounts whose names have been made public in Switzerland’s official gazette with regard to ongoing tax probes in India.

(According to PTI, the other two are Gurjit Singh Kochar, son-in-law of late realty baron Ponty Chadha, and Delhi-based businesswoman Ritika Sharma).

On Monday, Sneh Lata Sawhney, wife of Sawhney Tyres managing director Bhushan Lal Sawhney, and Sangita Sawhney were named.

Details of the money lying in Yashovardhan Birla’s account have not yet been made public — his name figured in the list of HSBC, Geneva account holders, published in February this year by The Indian Express as part of its ‘Swiss leaks’ investigation.

When The Indian Express sought Birla’s comment, a spokesperson for the Yash Birla Group, in an email response, said Birla had no individual bank account in his name or under his control. This, the spokesperson said, had been explicitly confirmed earlier by the Swiss bank in writing and the same had already been communicated to Indian tax authorities.

In January 2014, the Income-Tax department had searched the offices of the Yash Birla Group for alleged tax evasion.

Following the I-T probe, the economic offences wing (EOW) of the Mumbai police filed an FIR against Birla Power Solutions Ltd, a Yash Birla Group company under sections 420 and 120-B of the Indian Penal Code for allegedly defaulting on repayment of fixed deposits to its investors. The company, according to police, had also defaulted on interest payment to investors. Police said the company owed around Rs 214 crore to 8,800 investors. Immovable properties of Birla Power Solutions, worth the same amount, were attached. The company said it raised money and paid investors.

Based on the EOW investigations, the Enforcement Directorate (ED) launched a probe under the Prevention of Money Laundering Act (PMLA). On January 19 this year, the adjudication authority of ED, in an order, said the company was diverting investor funds raised for a power project to unrelated land transactions.

According to the ED order, Birla Power Solutions Ltd, over a period of four years between March 2009 and March 2013, diverted Rs 180 crore of investor funds to six other group companies through multiple transactions involving eight bank accounts. Rejecting the allegations made by ED, the Yash Birla Group challenged the order before the appellate tribunal.

In the case of Masood, the ED had sought repatriation of funds in the case of Masood and his wife.

A senior ED official said at least US $1.25 million has been found in two Swiss accounts maintained by Masood and his firm.

“After obtaining information from the Swiss authorities on Masood, we have now placed a request with the Swiss government for repatriation of the money lying in Masood’s accounts. We are hopeful that our request, which is currently pending, will be accepted soon,” the ED official said.

Phone calls and text messages to Masood did not elicit a response until Tuesday evening.

The ED has registered a case under the PMLA against City Limousine and Masood for running an alleged ponzi scheme. It is alleged that two City Group companies, City Limousine and City Realcom, collected over Rs 500 crore from investors, promising unrealistic returns. The companies later defaulted on payment to investors, the ED said. The ED has attached movable and immovable properties of the companies and promoters to the tune of Rs 150 crore.

Indian names are being published in the Swiss federal gazette as a result of domestic references being sent by Indian tax authorities.

The references for which notices are being dispatched by Swiss authorities, following a change in Swiss procedural laws, include cases related to Indian HSBC Geneva account holders as well as others against whom authorities had established that assets existed in Switzerland but were not declared for taxation. The provisions of the Double Taxation Avoidance Treaty, signed by the two countries in 2011, paved the way for the current action.

Officials in the Central Board of Direct Taxes (CBDT) said domestic references, with all documentation attached, had been sent to Switzerland for all 628 HSBC account holders, which had been received by India, as well as a large number of other references in evasion cases.

This number, sources said, could well be over 100 cases involving a large number of Indian businessmen and celebrities.

Under pressure from India and other countries, Swiss federal offices began dispatching notices in April to suspected tax evaders, asking them if they had objection to their account or asset purchase details being handed over to India. Recipients of notices have been given a month to send in replies. Should they decline authorisation for release of information, India has the right to appeal.

ED to attach $14 mn in bank accounts of City Limousine chairman in Singapore

ED to attach $14 mn in bank accounts of City Limousine chairman in Singapore

ED, which probes forex violations, had sent its team to Singapore in July this year to attach over $26 million lying in Masood’s accounts in two other banks.


The Enforcement Directorate (ED) is set to attach $14 million lying in two bank accounts of City Limousine chairman Sayed Mohamed Masood in Singapore. Masood is facing charges of money laundering, and the Singapore government has granted permission to attach his assets, according to ED officials. The accounts are in the branches of Bank Julius Baer and UBS.

The ED is probing a case under the Prevention of Money Laundering Act (PMLA) against City Limousine and Masood for running an alleged ponzi scheme. It is alleged that two City Group companies — City Limousine and City Realcom — collected over Rs 1,000 crore from thousands of investors across the country by floating car rental schemes and promising unrealistic returns of up to 48 per cent on investments. In 2009, the companies defaulted on payment to investors and more than 42,000 cheques issued by it were dishonoured, the ED said.

In May, Masood and his wife Chand Kauser Mohamed Masood were named in Switzerland’s official gazette with regard to ongoing tax probes in India. They are among five Indian nationals with Swiss bank accounts whose names have been made public.

“This will be the first full attachment of overseas assets in a PMLA case. This fresh attachment in this case will take the total attached amount to about $40 million,” an official familiar with the development told The Indian Express.

ED, which probes forex violations, had sent its team to Singapore in July this year to attach over $26 million lying in Masood’s accounts in two other banks. In 2013, the competent authority in Singapore froze all his accounts following a Letter Rogatory (LR) by ED asking for its cooperation in the investigation.

LR is a formal request to a foreign court seeking judicial assistance in investigating an entity in another country.

Apart from this, the Swiss government that already allowed ED to attach $1.25 million in two Swiss accounts maintained by Masood and his firm in 2014, has now agreed to repatriate the funds to India and has told the enforcement agency to start the process for repatriation, according to ED sources. “The agency will now submit an application before the trial court seeking its nod for repatriation of funds,” said an ED official who did not wish to be named.

Prior to the ED probe, several FIRs were registered against Masood and his companies in Mumbai, Karnataka, Rajasthan, Andhra Pradesh, Tamil Nadu and Delhi for criminal conspiracy, cheating and breach of trust. In Chennai alone, at least 35,000 investors have filed claims with the Tamil Nadu Economic Offices Wing.

In October 2012, ED had issued 16 orders to attach moveable and immoveable properties worth over Rs 200 crore of the City Group of Companies, Masood, his associates as well as family members in India.

Earlier this year, the Supreme Court transferred 132 cases pending against Masood in various courts across the country to a special court in Mumbai that deals with PMLA. The aim was to expedite trial in the City Limousine case. Masood is currently lodged in jail.​

Monday, November 30, 2015

SGFX Fraud



    I disagree with Mr. Nixon, that it is his duty to write all the positive things about their company. that is good that you are a very good employee. but it is true that SGFX Financial Limited, Belapur. Mumbai, first you people have tie-up with EToro, suddenly without informing to your clients you have separated and broken tie up with ETORO Cyprus. Lot of your Clients who have deposited in the name of SGFX Financial, from last 15 days their money had been strucked between ETORO and SGFX Financial, from your side there is no response to the clients that the money will be returned back to them or not. whenever some one is complaining, SGFX people are just making some BLAH BLAH excuses, why should the INVESTORS have to SUFFER. you people don't even bother about their pain. and I will give -10 to your customer service, they are the worst when coming
    to customer service, when customer had INVESTED, if any problem happens they even don't bother to receive their calls. then where should the customer go ask. I think INVESTING MONEY with SGFX Financial is very RISKY,

    PRESENTLY I AM THE ONE WHO IS SUFERRING BECAUSE OF INVESTING WITH SGFX FINANCIAL CO IN. BELAPUR, MUMBAI

    I'LL ADVISE ALL OF YOU, WHO EVER WANT TO INVEST WITH SGFX FINANCIAL CO INDIA, BEWARE, THINK 10,000 TIMES AND INVEST WITH THEM, THEY ARE VERY RISKY

How a Mumbai couple created a Rs 7 lakh crore dubious firm SGFX Financials

 There is nothing business like about Central Business District (CBD) Belapur. Beer shops, Malwani seafood restaurants and electronics goods showrooms dot this quaint locality of Navi Mumbai, which was once an experiment to recreate Nariman Point in Navi Mumbai. At the heart of CBD Belapur is Sharda Terraces, a high-rise which houses branches of SBI, Yes Bank, Kotak Mahindra Bank and Dhanlaxmi Bank. Seven floors above lies an office locked and gathering dust. This office used to be the headquarters of SGFX Financials — a company that was incorporated in the UK on December 13, 2010 and was run by a couple named Sarvesh Narendra Gade and Shahanaz Ashraf Bharde.

Between January and June 2011, the value of SGFX's shares, which was dissolved on November 27, 2012, is estimated to have shot up to £70 billion, or Rs 7 lakh crore —more than twice the valuation of India's largest company, Reliance Industries, which incidentally has a swank office 15 kms away. On Thursday, SGFX was thrust back in the spotlight when Nationalist Congress Party (NCP) filed a complaint with the Economic Offences Wing after party chief Sharad Pawar's name surfaced as a director in the company. Pawar claims to have no connection with SGFX. He also alleges that Bhadre and Gade "falsely and fraudulently' submitted his name without his knowledge and incorporated the dubious firm.



A brochure of the company A brochure of the company

Companies House, the British equivalent of India's Registrar of Companies, and Companies Made Simple, a London-based company that represented SGFX, offered insights, though slightly contradictory, into how this could have happened.


Entrance to Gade's stated residence
Entrance to Gade's stated residence

Companies House said proof of ID is not required when filing documents directly with the department. "We just carry out basic checks to make sure that our incorporation documents have been fully completed and signed," said Jo Johnstone, a member of the Companies House Press Team. But "when filing through an agent such as Companies Made Simple, then I believe they require a proof of ID", he said.

But Grant Beeming, the operations manager of Companies Made Simple, which offers services to startups and small businesses, said his company would have had no interaction with the individuals concerned as it was an online provider. "We request or require due diligence documents if there represents an ongoing business relationship."



Scanned copies of the company records


Pawar isn't the only one crying fraud. In early 2014, Charan Singh (name changed), a Ludhiana-based businessman, got a call from an employee of Online Currency Exchange, or OCX (another company run by Bhadre and Gade that was incorporated in mid-2013) asking if he would be interested in making money through forex trading. Singh wasn't sure about the company's antecedents and balked.


Scanned copies of the company records



Scanned copies of the company records

When the company provided him a reference to another customer who had made money, Singh agreed to invest $5,000. For three months, his returns were healthy and on time. Singh invested another $5,000. His payments stopped coming the next month. When he called to enquire, his customer relationship manager informed him they were "shifting office". Two weeks later, OCX's board-line numbers went dead. Distraught, Singh visited Navi Mumbai, made the rounds of a few police stations, and eventually gave up except for occasional rants on online complaint boards.



Scanned copies of the company records


Scores of other people say they too were conned. A four-page brochure of SGFX that ET accessed says that "strategies coupled with years of experience, past performance has allowed investors to feel secure". On the cover, it also features a photograph of Gade, lost in deep thought, peering seriously into a laptop screen as a couple of blond haired foreigners seem to making a presentation. On SGFX's Facebook page, a post from March 2012 incentivises customers to deposit "Rs 5, 10, 25 or 50 + lakhs" to receive your "FREE Samsung gift from our range of smartphone's (sic) and notepad's (sic)."



Scanned copies of the company records


Staff at the Sharda Terraces, where SGFX was based between 2010 and 2013, paint a picture of a couple who loved the good life. "They had three fancy imported cars. Shahanaz was the boss and she had a nasty temper. They employed about 50-60 people and they were paid on time," said Prabhat Amte, who would do odd jobs for the duo and still works in the same premises. The company, however, folded up overnight and still owes Rs 10,000 to Amte for the menial jobs he had done. He said once the company shut down, a few investors who had been defrauded would come to enquire about the couple's whereabouts. The police never came.

About 5 kms from Sharda Terraces is a small clothes shop in an area called Kharghar. The owner Jignesh Shah (name changed on request) said he had planned to start a furniture studio in partnership with Bharde and Gade. Shah's wife even registered a company and Gade borrowed Rs 2.5 lakh from him. "When I asked Gade for his share of the investment, he threatened saying that he was very well connected and would harm my family," says Shah, adding that Gade, 30, would often drop names of leaders in the NCP party, including that of Pawar.

When ET visited Vaikunth Apartments in the Kamothe area of Navi Mumbai, the other address (declared by Bharde) shown in the Companies House records, long-term residents vouched that nobody by that name had ever lived there. Sarvesh Gade's stated address - the Leela Madhav complex in the Panvel locality of Navi Mumbai - turned out to be a dilapidated, lower middle class dwelling. A resident said crime branch officials had turned up on Friday to enquire about Gade. He also revealed that Gade's parents - who had moved out of town a few days ago — had snapped ties with him after his marriage with Bharde who was ten years his senior. The resident also confirmed that officials from various banks would occasionally drop in enquiring about Gade and that this was the first time that police had come.

A senior police official said the case is being investigated and that they had not been able to trace the couple. The official, however, was not willing to say whether the FIR by Pawar had been registered or not.

The LinkedIn profile of Sarvesh Gade now has him as national head, LiteForex Investments Limited, UAE.

UK agent disputes SGFX founder’s claim on Sharad Pawar

(Grant Beeming, operations…)

NEW DELHI: Companies Made Simple, a London-based company that represented the controversial SGFX Financials in the UK, has said its customers fill applications themselves and who they appoint to various positions is completely up to them, challenging the claims of SGFX founder Sarvesh Narendra Gade that the inclusion of Nationalist Congress Party (NCP) chief Sharad Pawar as a director in his company was a technical glitch.

Grant Beeming, operations manager, Companies Made Simple, which offers services to startups and small businesses, said his company only provides online forms and the customer fills them out themselves. "At no point do we fill out forms or submit the applications ourselves to Companies House."

Companies House is the British equivalent of India's Registrar of Companies.

Last Thursday, the NCP filed a complaint with the Economic Offences Wing against Gade and wife Shahanaz Ashraf Bharde, directors of SGFX, for "falsely and fraudulently" submitting Pawar's name without his knowledge while incorporating the company. Pawar claims to have no connection with SGFX, a company incorporated in the UK in 2010, whose share value is estimated to have shot up to £70 billion, or ?Rs 7 lakh crore.

On Saturday, ET published a report on how SGFX, which was dissolved in November 2012, was created, tracing the antecedents of Gade and tracking down the addresses given by SGFX in the Companies House records. Pawar, the report established, wasn't the only one crying fraud.

Later on Saturday, The Times of India reported that Gade and Bharde offered a public apology to Pawar during a press meet. Gade claimed he was unaware of how Pawar's name figured as one of directors of the company and said they will initiate action against Companies Made Simple, according to the report.

EOW complaint for naming Pawar as director in UK company

The Nationalist Congress Party has filed a complaint with the Economic Offences Wing (EOW) here after Sharad Pawar's name figured as a director in a London-based company SGFX Financials, with which he claims to have no connection.

NCP spokesman Nawab Malik said Pawar had nothing to do with the company and does not know the individuals involved in the firm.

"Pawar's name has been used fraudulently with malafide intentions and we want the police to find out the truth. So, a complaint with the EOW has been filed yesterday after taking legal opinion," Malik said today.

In his complaint, the former Union Minister has said that he did not authorise anyone in the UK firm to name him as director.

Reportedly, Pawar has named two directors of the company--Sarvesh Narendra Bharde and Shahnaz Ashraf Bharde-- as the two individuals who 'falsely and fraudulently' submitted his name without his knowledge and incorporated the dubious firm.

The value of the company shares is said to have shot up from Rs 70 crores in January 2011 to Rs 7 lakh crores in June 2011.

According to SGFX, Pawar was made director of the company on December 13, 2010 till his resignation on January 5, 2011.

SGFX company director Sarvesh Gade speaking to ABP Majha



एनसीपी नेता शरद पवार ने मुंबई पुलिस की आर्थिक अपराध में शाखा में ब्रिटेन की एक कंपनी के 2 निदेशकों के खिलाफ लिखित शिकायत की है। पवार का आरोप है कि इंग्लैंड की कंपनी SGFX में उन्हें  निदेशक के तौर पर दिखाया गया है, जबकि उनसे कभी उसकी अनुमति नहीं ली गई। यहां तक कि उनके हस्ताक्षर भी फर्जी किए गए हैं।

कंपनी के शेयर 70 करोड़ से बढ़कर 7 लाख करोड़ के हुए
पवार ने अपनी शिकायत में लिखा है कि कंपनी में उन्हें दिसंबर 2010 से जनवरी 2011 तक डायरेक्टर के तौर पर दिखाया गया था और उसी दरम्यान कंपनी के शेयर की कीमत 70 करोड़ से बढ़कर 7 लाख करोड़ हो गई थी। मामले में मुंबई पुलिस ने तो चुप्पी साध रखी है, लेकिन एनसीपी के प्रवक्ता नवाब मलिक ने खबर की पुष्टि करते हुए बताया कि 'एक वेब पोर्टल के जरिए यह जानकारी आई थी। शरद पवार ऐसी किसी भी कंपनी में डायरेक्टर नहीं है। किसी ने उनका नाम बदनाम करने की कोशिश की है।'

Tuesday, October 6, 2015

Orissa, Tripura, Assam are on hotlist/blacklist by SEBI/RBI fraud investment companies

Most of these CHIT funds, money market companies operating in Bengal, Bihar, Jharkhand,

Orissa, Tripura, Assam are on hotlist/blacklist by SEBI/RBI

Aashray International
Abyss Assam Group Co
Adorable group
Aishwarya group
Alchemist Group
Alliance Vision Marketing
Annex Infra
Apurba group
Arya Mass Parivar
Aryarup
Aspen/Amez
Baishakhi group
Bardhaman Sunmarg
Basil International
Basil International Ltd
Daffodils Group of Companies
Digstar projects
Fortuneer
G group
GAML
Icore
Infinity realcon
Jeevan Suraksha
Kalpataru
KP Group Gujrat
Leaps and Bounds
Mangalam Group
Maple Infra
MPA group
MPS
Natureway Network Marketing
NVD
Pancard Club
Paras marketing
Prayag Group
Qnet
Rahul Group
Remac India
Rose Valley
Sabyasachi group
Sahara
Saradha Group
Smart Bengal
Sumangal Potato Schemes
Sunmarg
Suraksha
Suzlon
Swargabhumo Siliguri
Swarna Infra
Tower Group
Unipay 2 U
URO group
Vibgyor Group

SEBI suspends Pancard Clubs’ time share scheme

Instructs firm not to divert any funds raised to date and furnish details sought by the regulator within 15 days

MUMBAI, JULY 31: 
Pancard Clubs, is in the business of marketing holiday plans, has been directed by SEBI not to collect any fresh money under its existing schemes (holiday plans).

SEBI has also directed its directors Sudhir Shankar Moravekar, Shobha Ratnakar Barde, Usha Arun Tari, Manish Kalidas Gandhi, Chandrasen Ganpatrao Bhise and Ramakrishnan not to launch any new schemes and submit the full inventory of assets obtained through the money raised by Pancard Clubs. The regulator has also instructed Pancard Clubs not to divert any funds raised to date and furnish details sought by the regulator within 15 days. The company, earlier had raised ₹3,096 crore from the public. In an interim order on Thursday, SEBI found Pancard Clubs and its directors prima facie guilty of running a collective investment scheme.

The company, in its submissions, had said it is in the business of marketing time share products — room nights — of its hotels and other hotels outside its group at a fixed tariff during the contracted tenure of the holiday options.

At the end of the tenure, applicants had the option of surrendering their unutilised room night entitlements and obtain estimated market value for the repurchased room nights or provide them any products of the group or gift it to their family or friends.

The directions come into effect immediately.

(This article was published on July 31, 2014)

Tuesday, June 30, 2015

Sayed Mohammed Masood and Chand Kauser Masood in connection with a tax-evasion probe in India



Switzerland’s Federal Tax Administration (FTA) on Tuesday disclosed that it had shared with New Delhi the details of the foreign assets of Indian nationals Sayed Mohammed Masood and Chand Kauser Masood in connection with a tax-evasion probe in India. A notice to Masood and Kauser was served by the FTA on April 21, asking them to file an appeal within 30 days before the Federal Administrative Court if they didn’t want the details shared with Indian authorities.
The FTA has shared the details related to Wharf Ltd, a company with links to Masood and Kauser and based in tax haven Bahamas.
“The Federal Tax Administration provides [... ] concerning mutual assistance Sayed Mohammed Masood, born on 24 October 1956 Indian national. The Federal Tax Administration [ ... ] , in which the Wharf Limited, founded on 5 May 2006, [ ... ], Bahamas, appears: [ ... ],” the notification said.
Masood, chief of the investment scheme City Limouzines, is already being investigated by various agencies, including the Enforcement Directorate (ED), for alleged money laundering. In 2012 the ED attached two Swiss accounts of Masood and his business firms under the Prevention of Money Laundering Act (PMLA). He is under probe for floating ponzi schemes and cheating thousands of investors.
Although the account holder can appeal within 30 days of the “final Instructions”, the information related to the assets and Masood’s company will help the Indian investigators.
“The notice of appeal must contain the request, the reasons with reference to the evidence and the signature of the complainant or their representatives,” the FTA said.

Wednesday, June 17, 2015

Chhagan Bhujbal and his Property across Maharashtra - ACB given list



महाराष्ट्र सदनाच्या बांधकामात घोटाळ्याचे आरोप असलेले राज्याचे माजी सार्वजनिक बांधकाममंत्री छगन भुजबळ यांच्यासह मुलगा पंकज आणि पुतण्या समीर यांच्या मुंबई, ठाणे, पुणे आणि नाशिक इथल्या घरांवर, बंगल्यांवर आणि कार्यालयांवर आज लाचलुचपत प्रतिबंधक विभागाने छापे टाकले आहेत. या धाडी कुठे-कुठे टाकल्यात, त्याची यादी 'एसीबी'नं प्रसिद्ध केली आहे. तिच्यावर नजर टाकल्यास भुजबळ कुटुंबाचे 'बंगलेच बंगले चहुकडे' असल्याचं दिसतं. ही घरं - बंगले यांची किंमत शेकडो कोटींच्या घरात जाते.

'एसीबी'नं दिलेली ही यादी पाहा आणि गणित मांडाः


मुंबईत टाकलेल्या धाडी

१. सुखदा, फ्लॅट नंबर १९०१, वरळी
२. मिलेशिया अपार्टमेंट, फ्लॅट १७/१८, माझगाव
३. माणेक महल, पाचवा मजला, चर्चगेट
४. माणेक महल, सातवा मजला, चर्चगेट
५. सागर मंदिर सोसायटी, माहिम
६. साई कुंज, फ्लॅट नंबर ४ आणि ७, दादर-पूर्व
७. सॉलिटेअर बिल्डिंग, सातवा मजला, सांताक्रूझ-पश्चिम



ठाण्यातील प्रॉपर्टी

१. लाजवंती बंगला, प्लॉट नं. ४६, पारसिक हिल, ठाणे
२. मारुती पॅराडाइज, एव्हरेस्ट सोसायटी, प्लॉट नं. २९, सीबीडी बेलापूर आणि फ्लॅट नं. ५०२, ६१२, १० ९०९, ७, ५०३, १०५, ५०१, १५, १७, १८, ४३ नवी मुंबई (शॉप्स आणि फ्लॅट)

नाशिकमधील प्रॉपर्टी

१. चांदराई बंगला, भुजबळ फार्म, नाशिक
२. भुजबळ पॅलेस, भुजबळ फार्म, नाशिक
३. येवला येथील बंगला आणि ऑफिस
४. मनमाडमधील बंगला आणि ऑफिस
५. राम बंगला, भुजबळ फार्म, नाशिक

पुण्यातील मालमत्ता

१. लोणावळा येथील बंगला, हेलिपॅडसह आणि ६५ एकर जमीन
२. फ्लॅट नं. २०८, ग्राफिकॉन आर्केड, संगमवाडी, पुणे

दरम्यान, एसबीनं आज केलेली कारवाई ही फक्त २५ टक्केच आहे, अजून ७५ टक्के छापे बाकीच आहेत, असा दावा भाजप खासदार किरीट सोमय्या यांनी केला आहे. भुजबळांची परराज्यांमध्ये आणि बेनामी मालमत्ताही प्रचंड असल्याचं त्यांनी सांगितलं आणि त्याबाबतचे पुरावे एसीबीकडे दिल्याचंही स्पष्ट केलं. राष्ट्रवादीचे प्रदेशाध्यक्ष सुनील तटकरे यांच्याविरोधातही एसीबीला ठोस पुरावे दिल्याचं ते म्हणाले. त्यामुळे पुढच्या काही दिवसांत राज्याच्या राजकारणात मोठा भूकंप होऊ शकतो.

Monday, June 15, 2015

Sebi probes SMS scam promising huge 'option' returns

 Sebi has launched an SMS investor awareness campaign, wherein the investors are being warned against falling prey to fraudulent claims of huge returns.
http://www.theinquirer.net/IMG/725/241725/sms-message-text.jpg
A major investment scam has come under the scanner of markets watchdog Sebi where gullible investors were being lured through SMSes and WhatsApp with promise of multi-fold returns from 'options' trading, while betting on important policy decisions, including of RBI.

The modus operandi involved reaching out to potential investors through social media and SMSes in which fraudsters sought investments of Rs 5-10 lakh with promise that returns could be as high as Rs 75 lakh within a day or two.

The fraud came to light early this month when SMSes were being sent out that "a capital investment of Rs 5 lakh in bank index options ahead of the RBI's monetary policy review" could earn a profit of as much as Rs 75 lakh just in a day.

RBI held its last monetary policy review on June 2, where it lowered its policy rate for the third time this year.

While a rate cut was widely expected, the markets had seen a huge volatility around the RBI review with punters making huge profits on each move in the stocks and indices.

According to a senior official, capital markets watchdog Sebi is keeping a hawk's eye vigil on investment scams being perpetrated through SMSes, WhatsApp and the various social media platforms.

Sebi has also launched an SMS investor awareness campaign, wherein the investors are being warned against falling prey to fraudulent claims of huge returns.

A number of cases have come under Sebi's scanner where the investors are being lured through SMSes, while the modus operandi of such fraudsters involves use of different mobile numbers for spreading such messages.

The official said that Sebi, using the powers granted to it last year, is seeking details from the mobile operators about the users of such numbers. Besides, it is getting details from the banks about the account numbers in which such investors are asked to deposit the money, mostly through online transfers.

One big racket that has come under the scanner was luring the investors in the name of the expected rate cut decision of RBI, just before the monetary policy review on June 2.

The same set of persons have also been found to be involved in some other sets of SMSes wherein the investors were being promised profits ranging from Rs 8 lakh to Rs 18 lakh within two days through stock options, on investments of Rs 1-2 lakh.

Sebi has already busted some cases where some persons were found offering unauthorised 'trading tips' through Short Message Service (SMS) and WhatsApp messages via mobile phones, while there are instances where debarred persons have again hit the market using new names and newly created entities.

Sunday, June 14, 2015

Mahesh Motewar - Samruddha Jeevan Foods defined in Section 11AA of the SEBI Act. - Fraud company

Samruddha Jeevan Foods and its directors are barred from raising money from investor under any of its schemes. SEBI also asked them not to dispose of any assets or divert funds raised from public

Market regulator Securities and Exchange Board of India (SEBI) has asked Samruddha Jeevan Foods India Ltd and its directors Mahesh Kisan Motewar, Vaishali Mahesh Motewar and Ghanshyam Jashbhai Patel not to collect money from investor.

In an order, S Raman, whole time member of SEBI directed the company and its directors "not to collect any more money from investors including under the existing schemes, not to launch any new schemes, not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large which are kept in bank account(s) and/or in the custody of the company."

SEBI said Samruddha Jeevan Foods was prima facie found to be engaged in fund mobilising activity from public by floating 'collective investment schemes' (CIS) as defined in Section 11AA of the SEBI Act.

Wednesday, June 3, 2015

Actress Maria Paul, live-in partner held for duping 1,000 people of Rs100crore

The police have seized 117 imported watches, 12 mobile phones and Rs3.5 lakh cash from the Goregaon residence of the couple. 
 
The Economic Offences Wing (EOW) of Mumbai police has arrested South Indian actress Leena Maria Paul of Madras Cafe fame, her live-in partner Chandrashekar and four of their accomplices for allegedly floating a bogus investment scheme and duping around 1,000 people of Rs 100 crore.
According to EOW slueths, the couple were arrested from Goregaon on Friday after they received specific information about a money-multiplier scheme operated by Chandrashekhar under a company called 'Lion Oak India'. During investigation, it came to light that Paul, Chandrashekar and their accomplices – Adil Akhtar Jaipuri, Akhtar Hussain Jaipuri, Salman Rizvi and Nasir Jaipuri – were illegally accepting cash deposits in 21 bogus schemes.
The police have seized 117 imported watches, 12 mobile phones and Rs3.5 lakh cash from the Goregaon residence of the couple. "We have also seized nine cars, including Audi, Mercedes, Bentley, Maserati, Nissan and Tata Safari. The total worth of the seized vehicles is Rs5 crore. A bike worth Rs23 lakh has also been seized," said joint commissioner of police (EOW) Dhananjay Kamlakar. "Chandrashekar would roam around with bodyguards in expensive cars and maintain a lavish lifestyle to lure potential investors," he added.
The couple would accept investments ranging from Rs5,000 to Rs5 lakh, promising returns of 20% per month as well as a Tata Nano car. The accused would allegedly promise the investors that their investment would reap a 300% return in total. The EOW team also recovered over 1,000 scheme holders' documents from the residences of all the accused. The couple would allegedly issue investment certificates to their clients and, in some cases, also make bogus notary agreements to make the transactions look genuine. The police have also recovered several investment certificates.
Paul and Chandrashekar were earlier arrested from Delhi and Kolkatta, respectively, in connection with a case registered against them in Chennai. In this case, the duo had allegedly cheated the manager of Canara Bank in Chennai by taking a loan of Rs19 crore and absconding with the same in 2013. The duo had done so by providing fake contracts for government work uniforms. Paul and Chandrashekar are currently out on bail.

Ashtavinayak scam: EOW arrests 3 exec directors of production firm

The Economic Offences Wing (EOW) of the Mumbai police arrested three executive directors of Ashtavinayak Cine Vision for their alleged role in the Rs824 crore scam involving a cluster of shell companies. The three arrested accused had been absconding for the last six months.
The Economic Offences Wing (EOW) of the Mumbai police arrested three executive directors of Ashtavinayak Cine Vision for their alleged role in the Rs824 crore scam involving a cluster of shell companies. The three arrested accused had been absconding for the last six months.
According to EOW officials, the accused have been identified as Rupen Amlani, Dhaval Jatania and Hiren Gandhi. "The three had been on the run since the case was registered. Finally, we received concrete information that they were coming to Mumbai and we nabbed them," said an EOW officer.
"The trio signed on documents as executive directors of the three shell companies floated by Ashtavinayak Cine Vision to show black money as white."
The trio has been remanded in police custody till May 16. Till date, the EOW has arrested 12 people in the case.
A complaint was registered against the directors of Ashtavinayak Cine Vision on the basis of a complaint lodged by a shareholder of the company — film financier Tejpal Shah. Shah had alleged that in 2007 he was to receive Rs41 crore from Ashtavinayak for some production work that he had carried out for it. Shah approached the high court when Ashtavinayak failed to give him his dues. On the direction of the court, the company then issued Shah a cheque, which bounced. The company then paid him Rs4.5 crore hoping to settle the matter.
Shah, however, filed a case under the Negotiable Instruments Act and also moved the Company Law Board (CLB). The CLB, after scrutinising documents, unearthed a bigger scam and appointed former bureaucrat Sharad Upasani to probe the case. Upasani's probe revealed that Ashtavinayak had formed five companies in India to produce and distribute films and had disbursed Rs380 crore to them. It had also created a subsidiary in Dubai for the same reason and remitted Rs444 crore to it. In all, investigators said, the company had diverted Rs824 crore.
"When no movie was made by the subsidary companies, Ashtavinayak did not make any inquiries and took no action, which is what raised suspicion," said an EOW officer. "CLB then asked us to probe the case and Shah approached us with a complaint, following which we registered a case."

4 PSEB officials booked for misusing Rs 10 crore

Following a report of the Punjab vigilance bureau, police have booked four employees of the Punjab School Education Board (PSEB) for allegedly misusing Rs 10 crore from the sports fund.
The complainant, registrar of the education department, SAS Nagar, alleged that Darshan Singh Atwal, Roopa Saini, Preetam Singh Chhabra and Harjinder Singh, all employees of the education department, Punjab, missutilised Rs 10 crore from the sports fund. Some of them have already retired from service, stated the report.
The complainant stated that the issue dated back to 2009-10, the Punjab education department office was located in Sector 17, Chandigarh.
The case, being investigated by the economic offences wing (EOW) of the UT police, was registered after a complaint from the Punjab vigilance department a month ago.
Meanwhile, inspector Charanjit Singh, posted with the EOW of the UT police, said a case under sections 409 (criminal breach of trust by a public servant, or by banker, merchant or agent), 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code has been registered. “The allegations pertaining to the cheating and misuse of funds are yet to be ascertained as probe is still on, he said.

Realtor Pintu Chhabra may buy out Madhya Pradesh's first mall-cum-multiplex

The ownership of MP’s first mall-cum-multiplex, Treasure Island, might soon change hands, with Indore’s real estate tycoon Pintu Chhabra holding talks with promoters of the shopping mall located on the MG Road.


Treasure Island mall was closed for renovation four months ago

The Rs 285-crore deal, however, will take around a month to mature, insiders say.
The plush mall-cum-multiplex has been at the centre of controversy ever since it was inaugurated in 2005.
Three years back, in 2012, the Madhya Pradesh high court had directed the CBI to probe into the role of former state chief minister Digvijaya Singh in an alleged irregularity in the construction of the mall.
However, the CBI in March 2014 had given the senior Congress leader a clean chit in the case.
The mall, developed by EWDPL, faced rough weather after promoter Manish Kalani defaulted on a loan taken from the Allahabad Bank.
The bank, which has to recover more than Rs 140 crore, had issued an auction notice for Treasure Island in February 2015.
However, the auction, which was scheduled for March 30, did not take place.
"The deal amount (Rs 285 crore) is inclusive of the (loan) sum that will be paid back to the bank," a source told Hindustan Times.
Kalani could not be contacted for comments, while Chhabra declined to affirm the reports of the buyout.
With a floor area of about six lakh square feet, the swanky mall-cum-multiplex has been a favourite shopping destination for the city’s upwardly mobile for the past many years.
The mall has been closed for the past four months for renovation work and is scheduled to reopen in August.
Case agaonst 11
In February 2009, the state bureau of investigation for economic offences, commonly known as the EOW, lodged an FIR against 11 people, including the former chief minister Digvijaya Singh, former MP housing board chairperson Chandraprabhash Shekhar and three IAS officers for giving undue benefits to the promoters of the mall. However, the EOW in May 2012 cleared Digvijay Singh of any wrong doings.

Mobile app to allow people to file FIRs expected by June

Moving a step forward in its mission “smart and people friendly policing”, the Delhi Police are now going to launch a new Mobile Application wherein victims of economic frauds and cyber crimes can file their FIR online. The new mobile application will be named “Economic offence & Cyber crime App”.
With the launch, victims will no more be running from pillar to post to get their complaints registered. The high-tech mobile App will also have the option to attach documents and evidence supporting the allegations made by the complainant.
The moment the investigating officer concerned verifies the documents and evidence, an FIR will automatically be registered and the complainant will get an alert on his/her mobile phone. The FIR will automatically get transferred to the concerned police station.
Taj Hassan, special commissioner of police (crime branch and EOW), said the proposal for the new App has been approved by commissioner BS Bassi.
A leading software company has been roped in to create the mobile application, Hassan said.
“Our prime objective is to provide people a transparent system which will certainly curb complaints of harassment by police personnel,” said Hassan.
http://www.hindustantimes.com/Images/popup/2015/5/06_05_15-metro4b.jpg
This mobile application is expected to be launched by June.
Explaining the characteristics and functioning of the new mobile application, a senior EOW officer said the app will have a drop down menu, containing different options as per the nature of the offence.
In the drop down menu, the user will have to choose one of the options, according to the offence committed against him/her. After selecting the option, the complainant will attach supporting documents. The complaint will either attach scanned copies of the documents or can only mention details of such documents with the complaint, the EOW officer said.
“The second stage will be the scrutiny of complaints and related documents. There will be a set of questions for both the complainant and accused. Their responses will be verified by scrutiny officers. A final decision to register the FIR will be taken accordingly,” he said.
While FIRs in economic offences involving amount exceeding Rs. 2 crore will be registered with the EOW, only after the approval of special CP (crime and EOW), other such FIRs will be registered and probed at local police stations.

Maharashtra: More power to cybercrime units, EOW

In the wake of scams such as the NSEL and QNet that rocked Maharashtra and the increase in cyber crimes, the government is preparing to crackdown on financial crimes, by strengthening the Economics Offences Wing (EOW) and cyber crime units.
Addressing the legislative council on the issue of law and order, chief minister Devendra Fadnavis said these departments will be revamped in the coming days.
He said the EOW would soon collaborate with various agencies. “We have asked the RBI [Reserve Bank of India] to give us a competent expert, who will help us to sell off assets seized from those accused of financial crimes. We will use their expertise to sell of these assets and pay back the depositors,” said Fadnavis.
He said assets worth Rs 6,000 crore has been seized from the NSEL (National Spot Exchange Limited) scam -accused and Rs 2,000 crore from the KBC Chit Fund scam accused. “We have also appointed a CA (Chartered Accountant) panel to assist our officials. Both RBI and SEBI officials will educate our officials in the coming days,” he said.
Fadnavis praised the state’s cyber crime unit, saying it was doing commendable work despite battling staff shortage and inadequate infrastructure. He said approximately 1,000 officials will soon be recruited and a cyber cell will be established in every district.
“We will work with NASSCOM [The National Association of Software and Services Companies] on this mission,” said Fadnavis.
The chief minister said though the cyber crime unit has been regularly monitoring the various social media websites to block objectionable content, it faced regular hurdles. “We have requested the Centre to establish a branch of Indian Computer Emergency Response Team (CERT) in Mumbai, so that objectionable material can be blocked instantly, to avoid untoward incidents.”
He said at present, most such material is posted from foreign countries, and on Friday night. The cyber cell has to approach CERT to block them, a procedure which takes at least two days.

Lion Oak India - EOW arrested ‘Madras Cafe’ actress Leena Maria Paul

Actor, 3 of lyricist’s kin held for cheating people of Rs.10cr



'Madras Cafe' actress Leena Maria Paul and her partner Shekhar Chandrashekhar were arrested by the Economic Offences Wing for cheating nearly 1,000 Mumbaiites of Rs 10 crore.


MUMBAI: Six people, including an actress, her partner and the son, grandson as well as a nephew of legendary lyricist Hasrat Jaipuri were arrested on Tuesday for cheating nearly 1,000 Mumbaiites of Rs10 crore.
The Economic Offences Wing (EOW) arrested ‘Madras Cafe’ actress Leena Maria Paul, her partner Shekhar Chandrashekar, and Jaipuri’s grandson Adil Hussain Jaipuri, son Akhtar Hussain Jaipuri and nephew Nasir Mumtaj Jaipuri. Another person, Salman Pheroz Rizvi, was also arrested.
EOW officers recovered nine high-end cars, including a Maserati, Bentley, Mercedes, Audi, Nissan, among others worth Rs5 crore from Paul and Chandrashekar’s house. The agency also recovered 117 imported watches worth Rs1.17 crore from the house. The accused were produced before a local court, which remanded them in police custody till June 4.
According to EOW officials, Chandrashekar and his associates operated a money-circulating scheme under a firm named ‘Lion Oak India’ and illegally accepted cash deposits by floating various bogus schemes.
Dhananjay Kamlakar, joint commissioner of police (EOW) said, “They would accept cash deposits anywhere in the range of Rs5,000 to Rs30 lakh.”
It is not the first time Paul and her partner Chandreshekar have been arrested for cheating. In May 2013, the duo had been arrested from a farmhouse in south Delhi for allegedly cheating a Chennai bank of Rs19 crore.

2 yrs later, duo behind bars again


Rs. 10-CRORE RACKET Madras Cafe actor, live-in partner were arrested in 2013 for cheating a Chennai bank of Rs. 19 crore

CHANDRASHEKAR MET ADIL JAIPURI, GRANDSON OF LYRICIST HASRAT JAIPURI, AT A GYM. ADIL WAS IMPRESSED BY HIS MONEY-MAKING SCHEME

From page 01 MUMBAI: This is not the first time Madras Cafe actor Leena Maria Paul and her live-in partner Shekhar Chandrashekar have been arrested.

In May 2013, the two ended up behind bars after cheating a bank in Chennai of Rs19 crore.
Paul was arrested from a farmhouse in south Delhi. At the time, the police had seized nine luxury cars, including a Rolls Royce, Land Cruiser, Land Rover, BMW, and 81 high-end watches from the couple.
“The two left Chennai and relocated to Mumbai. Here, they floated a money-circulating scam to make a quick buck,” said Dhananjay Kamlakar, joint commissioner of police, economic offences wing (EOW).
E OW officials said Chandrashekar and Paul ran a bogus firm, Lion Oak India, at Andheri (West) and accepted cash deposits for various fake schemes — Lucky Number 5, Special Harvest Week, Super Harvest Plus, among others. They cheated nearly 1,000 Mumbaiites of Rs10 crore.
“Chandrashekar met Adil Jaipuri, g randson of lyricist Hasrat Jaipuri, at a gym. Impressed by Chandrashekar’s quick money-making scheme, Adil, who worked as a personal trainer, took on the job of bringing in more clients,” said Dinesh Joshi, senior inspector, EOW, adding that Chandrashekar claimed to be the managing director of the firm.
Adil got his father Akhtar and a relative, Nasir Mumtaj Jaipuri, involved in the business. The accused then started operating a fly-by-night firm in Andheri (West), the police said
According to EOW officials, the accused would promise investors nearly 300% returns of their investment, with 20% of it being paid each month.
During a recent raid at Hasrat Jaipuri’s Ghazal Villa, where his son Akhtar and grandson live, the police recovered 131 investment certificates and handwritten manuscripts of calculations.
At l east 274 i nvestment receipts and agreements were recovered in a subsequent raid at Nasir’s Mira Road house. “To make the scheme look genuine, Chandrashekar would give his customers signed certificates. In a few cases, he also notarised the agreements. We have recovered nearly 1,000 such certificates from the accused,” said Jagdish Kulkarni, inspector EOW.

Sunday, April 5, 2015

Fraudsters duping job seekers

Recently, an FIR was registered by the Delhi police against unidentified fraudsters after a complaint by Tata that several job seekers were duped on the pretext of getting them placed in it.



As Delhi and NCR has turned into a major educational hub, the region has also become the den of fraudsters duping job seekers of their hard-earned money on the pretext of getting them placed in multinational companies.
Investigations in this connection by Delhi Police and UPSTF reveal that at least 50 such call centers and job portals are running in the region. Similar frauds are being committed by some Nigerian nationals through phishing emails.
On March 25, UPSTF arrested two persons for allegedly running a fake call centre by taking data of job seekers from famous job portals, which unearthed the network of scamsters.

This case is just the tip of an iceberg and the police estimate that over 50 such fake call centers are operating in Delhi, Noida and Gurgaon.
Victims of such fraud are spread across India who are initially asked to make a payment of Rs 10,000 to Rs 25,000 for job in IT giants and MNCs.
Recently, an FIR was registered by the Delhi police against unidentified fraudsters after a complaint by Tata that several job seekers were duped on the pretext of getting them placed in it.
The youths were duped to the tune of Rs 8,000 to Rs 10,000 in the name of application and processing fee, police said.
While this case is being investigated by Economic Offence Wing of the Delhi Police, the wing formed to probe financial crimes had earlier unearthed a similar fraud in which gullible job seekers across the country were duped in the name of Maruti Suzuki India.
"Many of these gangs download resumes from job websites and then target people in faraway cities so that once duped they refrain from travelling to Delhi and registering complaints. We have also seen a case where people were duped in the name of getting them jobs in Delhi Metro Rail Corporation," said a senior official in EOW.
Explaining the modus-operandi, UPSTF's Additional Superintendent of Police Triveni Singh said, "Conmen first buy data of job seekers from famous job portals for Rs 25,000-Rs 40,000. Then they make a fake placement website which sounds similar to existing famous portals. They make calls to job seekers that their resume has been selected for a job in leading IT, banking and international companies and then demand money."
Data of most of the job portals are compromised as they are not following stringent process to keep their data secured, a senior police officer said. 
The police claim it becomes difficult to bust these gangs as their bank account, payment gateway and domain names are taken on fake identifies and many a times the servers are based abroad.
"Payment gate does not do physical verification of their client and allows payment against their commission. Similarly, domain registrar and server do not follow stringent rules and register customers on incomplete details," Singh said.
As per police claims, in order to sound professional, gangs hire English speaking call centre executives and rent an office space at a plush commercial building.
"Job seekers are communicated in proper English through internet calling so that their number becomes difficult to track. In the name of registration and interview they extract Rs
20,000-50,000 from a candidate. All mobile SIMs, mobile phones and bank account are activated on fake documents," Singh said.
According to cyber crime experts, most people in the scam are below 30 years of age and target fresh graduates who are desperate for jobs.
"Educational institutes have mushroomed in Delhi and NCR.
These scamsters target unemployed fresh graduates. Most of these conmen have worked with job portals and call centers so they know how to exploit the loopholes.
"The initial payment they charge from each candidate is low so a complainant hesitates to approach police and even cops do not take these cases seriously. But criminals keep minting money and after running the racket from one place for a few months they change their location and other details," Cyber Crime expert, Kislay Chaudhary said.

Wednesday, March 4, 2015

Consumer Forum asks 2 companies to pay around Rs4.5L to 10 investors



Thursday, 17 April 2014 - 8:45am IST | Agency: DNA

The south Mumbai district consumer forum in its recent orders directed the directors of two finance companies -- City Realcom Ltd and City Limouzines Ltd, to pay back the invested amount to 10 investors, after the complainants had approached the consumer forum. The forum has ordered the two finance companies to pay approximately Rs4.5 lakh along with the compensation cost of Rs8,000 toward the delay and litigation cost of Rs2,000 to the investors.
The two finance companies were in news from 2009, when the firms had allegedly duped investors by floating Ponzi schemes. The Economic Offence Wing (EOW) arrested the two directors, Gita Rajaki and Masud Khan, in 2012 and both are behind bars.
In 2011, 10 investors from Mumbai and Nasik, had approached the consumer forum pleading them to direct the firms to pay back the promised amounts along with the compensation for the lapse. According to the complainants copy, the firms had promised the investors to pay huge amount of returns if the investors engage their money with the firm.
The consumer forum in its orders maintained, "According to the complainants, they had engaged their hard earned money and accordingly, had invested in the schemes, however, the company duped their money."
The forum after going through the complaint has issued a notice to the two directors and had asked them to file their replies, however, none of them responded to the notice. Hence, as the complaints were unchallenged, thus the forum ordered the two firms and their directors to pay an approximate amount of around Rs4.5 lakh to the complainants along with compensation of Rs8,000 towards the delay. The forum also directed the firms to pay an additional amount of Rs2,000 towards the complainant's litigation costs.

Investors duped by City Limo’s fraud schemes win damages

In 21 different orders, a district forum has provided relief to investors duped by fraudulent schemes of City Limouzines (India) Ltd. While each complainant will receive their invested amounts ranging from Rs 4 lakh to almost Rs 10 lakh, they will also receive compensation. 

The South Mumbai District Consumer Disputes Redressal Forum passed the orders ex parte after City Realcom Ltd and City Limousines (India) Ltd did not file their replies and the complainants' version remained unchallenged. 

According to the complainants, the firm promised attractive financial returns through different schemes. They said that they had invested huge amounts in five-year scheme. While the returns were to be in lakhs, the firm paid them only a fraction of the amount. 

They said that a number of investors had invested their hard money, but the opposite parties did not comply with their assurance. 

The forum said that the copy of the agreement executed by the opposite parties placed on record the chart of expected amount which was to be refunded. 

The forum said that this was in contradicted the amounts actually received by the complainants.

http://timesofindia.indiatimes.com/City/Mumbai/Investors-duped-by-City-Limos-fraud-schemes-win-damages/articleshow/33834437.cms

Enforcement Directorate attaches City Group’s Rs 133-crore assets in 4 years



C Unnikrishnan ,TNN | Apr 15, 2014, 12.00 AM IST

MUMBAI: The Enforcement Directorate (ED) has attached fly-by-night operator City Group's properties and cash totalling Rs 133.3 crore in the last four years, including Rs 6 crore in Switzerland banks. The latest attachment, both movable and immovable properties worth Rs 6.48 crore, was done recently, officials said.

City Group companies, City Limouzine and City Realcom, had duped thousands across the country of over Rs 1,000 crore by promising unrealistic returns on investments through various schemes. In one of the schemes, City Limouzine offered 48% returns on investments. City Realcom, in one such scheme, had promised Rs 7,775 every month for five years and Rs 50,000 on maturity on an investment of Rs 1.39 lakh.

The police across the country had registered FIRs against company chairman, Sayed Masood, and other directors for conspiracy and cheating in 2009. The ED arrested him in 2012 and he is in judicial custody. The ED had registered a case under the Prevention of Money Laundering Act as proceeds of crime were used for amassing wealth. The ED said the properties and money seized were proceeds of crime, a pre-requisite for attachment. ED is also pushing for amendments in the Act so that properties attached are auctioned and proceeds distributed among the investors. Currently, property attached under the Act becomes that of government.

The ED has issued 21 provisional attachment orders attaching proceeds of crime. The market value of the assets may be Rs 250 crore, officials said. The ED has filed three complaints, equivalent to chargesheet, in the special court.

Source

City Realcom limited - City Limouzine

City Realcom limited has been directed to pay approximately Rs. 4
lakhs as compensation for inability to provide promised services and
some additional amount as compensation for the cost of case.

BEFORE THE SOUTH MUMBAI DISTRICT CONSUMER DISPUTES REDRESSAL FORUM,
Puravatha Bhavan, 1st Floor, General Nagesh Marg, Near Mahatma Gandhi
Hospital, Opposite M.D. College, Parel, Mumbai – 400 012.

Complaint No.SMF/MUM/09/2012



Date of filing : 18/01/2012
Date of Order : 22/04/2014

Chhaya V. Mhapsekar,
R/o. – E/401, Nutan Arjun Nagar,
Cross Road No.4, Liberty Garden,
Malad (W), Mumbai.                                 ....Complainant.

V/s.

1. City Realcom Ltd.
Through it’s Proprietor & Director,
Gita Rajaki,
Director, City Realcom Ltd.
96-B Wing, 9th Floor, Mittal Tower,
Nariman Point, Mumbai.

2. Masud Khan, Director,
City Realcom Ltd.,
96-B Wing, 9th Floor, Mittal Tower,
Nariman Point, Mumbai.                              … Opposite Parties No.1 & 2.


Coram :
Shri.S.M. Ratnakar : Hon’ble President
Shri.G.H. Rathod : Hon’ble Member

Appearance : Shri. Mohsin Khan, Ld.Advocate for the Complainant.
None for the Opposite Parties (ex-parte).

O R D E R

PER SHRI. S.M. RATNAKAR – HON’BLE PRESIDENT

1) The Complainant has prayed that the Opposite Parties be directed to
pay Rs.3,99,875/- to the Complainant and to pass any other equitable
reliefs and cost of this complaint.

2) According to the Complainant, the Opposite Parties No.1 & 2 used to
promise attractive financial returns through their different schemes
and various attractive schemes and booklet were published by them
which are marked at Exh.‘A’ colly. The Complainant had invested huge
amount of Rs.1,27,000/- on 12/04/2008 in five years schemes as down
payments as financial option car and entered in an agreements with the
schemes alongwith the Opposite Party No.1 & 2. The copies of receipts
of investment alongwith agreement are marked as Exh.‘B’. It is
submitted that the Opposite Party No.2 is the Director of Opposite
Party No.1. According to the Complainant, the Opposite Parties ought
to have return Rs.5,16,500/- in view of the investment dtd.12/04/08.
It is submitted that the Opposite Party did pay an amount of
Rs.1,16,625/- to the Complainant. It is alleged that thereafter the
Opposite Parties have not paid any amount as per agreement and an
amount of Rs.3,99,875/- is remained to be paid to the Complainant. It
is alleged that the Opposite Parties are legally bound to pay the
aforesaid amount. It is alleged that the number of investors including
the present Complainant had invested their hard money, but the
Opposite Parties did not comply their assurance. It is submitted that
the Opposite Parties as per the reports in the news paper came to be
arrested by the Police Authorities but they are shirking their
responsibilities for providing service as promised. It is thus,
submitted that the prayer made in para 1 of this order may be allowed
against the Opposite Parties.

3) In spite of publication of notice in Daily Newspaper ‘Punnanagari’
dtd.30/04/2012, the Opposite Parties No.1 & 2 did not appear before
this Forum hence, the complaint is proceeded ex-parte against them.
The Complainant has filed her affidavit of evidence. The Complainant
has also filed written argument. The Complainant has filed documents
showing the schemes floated by Opposite Party No.1 & 2 and the payment
agreed by them to be a refunded or paid to the Complainant in future.
The Complainant has also placed on record. The copy of the agreement
executed by the Opposite Parties No.1 & 2 in her favour and placed on
record the chart of expected amount which was to be refunded by the
Opposite Parties No.1 & 2. she has also placed on record the documents
of payment she has received from the Opposite Parties on the said
documents and the chart placed on record by the Complainant it appears
that the Complainant is entitle for Rs.3,99,875/- from the Opposite
Parties No.1 & 2. The case made out by the Complainant against the
Opposite Parties goes unchallenged. We are therefore of the view that
the Complainant is entitled for the said amount for not providing the
services as agreed by them and compensation of Rs.4,500/- and cost of
Rs.1,200/-. In the result the following order is passed -

O R D E R

i. Complaint No.09/2012 is partly allowed against the Opposite Parties.

ii. The Opposite Parties are directed to pay an amount of
Rs.3,99,875/- (Rs. Three Lacs Ninety Nine Thousand Eight Hundred
Seventy Five Only) for not providing the services to the Complainant
as agreed by the Opposite Parties and Rs.4,500/- (Rs. Four Thousand
Five Hundred Only) towards the compensation and Rs.1,200/- (Rs.One
Thousand Two Hundred Only) towards the cost to the Complainant.

iii. The Opposite Parties shall comply with the aforesaid order within
one month from the date of service of this order.

iv. Certified copies of this order be furnished to the parties.

Sd/-                                         Sd/-
(Shri. G.H. Rathod)                   (Shri.S.M. Ratnakar)
Hon’ble Member                        Hon’ble President


can anyone clarify on this...
Anand.K
09941806090

City Limouzine cases

Black money: probe hit by non-disclosure of information



Investigations into several major financial crimes have hit a roadblock
with law enforcement authorities in the United Arab Emirates and Singapore
reluctant to share information with India, prompting some members of the
Special Investigation Team (SIT) on black money to suggest that a
high-level delegation visit these countries.

The suggestion follows the positive response on other important black-money
cases that External Affairs Minister Sushma Swaraj received earlier this
month from the Mauritius Government that conveyed its readiness to assist
the SIT.

Revenue Secretary Shaktikanta Das and the then Central Board of Direct
Taxes Chairman K.V. Chowdary received the same response when they visited
Switzerland on a similar mission last month.

Indian enforcement agencies have, in the past, raised the issue of
non/partial execution of letters rogatory (LRs) -- judicial requests
seeking information from foreign law enforcement agencies in particular
cases -- but to no avail. This, the CBI has submitted to the SIT, has
hampered efforts to bring back illegal money stashed abroad and prosecute
defaulters.

Currently, there are nearly three dozen LRs pending with the enforcement
agencies in the UAE and Singapore.

Investigations in important cases – including Hasan Ali, Madhu Koda, 2G,
Satyam, Indian Premier League and City Limouzine cases --- where the money
trail has led the agencies to the UAE – have, therefore, seen little
progress. In the last two years, even personal interventions by Indian
Ambassadors to get information from the UAE failed to cut ice. In
Singapore, too, where 20-odd LRs including those pertaining to 2G Spectrum
and the Tatra truck deal cases are pending, the CBI has again sought the
Indian High Commission’s intervention. The pending LR issue was also raised
at a meeting between Union Home Minister Rajnath Singh and Singapore’s
Deputy Prime Minister Teo Chee Hean on the sidelines of the Interpol
Ministerial Conference in Monaco earlier this month.

“Although they have been giving assurances of full cooperation, there still
appears to be some reluctance in Singapore on sharing details in major
cases,” said an official, pointing out that the money trail in the VVIP
chopper deal case also leads to some accounts in Singapore.

Against this backdrop, some SIT members have proposed that high-level
delegations, perhaps headed by Union Ministers, could visit the UAE and
Singapore to facilitate the investigations.

Enforcement officials also added that the matter can be taken up at
international forums such as the Financial Action Task Force and the Egmont
Group of Financial Intelligence Units. “FATF, which sets standards and
promotes measures against financial crimes, has a specific provision making
international cooperation mandatory for member countries. Non-adherence can
lead to adverse consequences. The Egmont Group also has an
information-sharing mechanism,” an official said.


Source
<http://www.thehindu.com/news/national/black-money-probe-into-high-profile-scams-hit-by-nondisclosure-of-information/article6599711.ece?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication>

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