Investment con case: 2 held for false claims on disbursal
70,000 People Fell Victim To City Group Scam
Mumbai:
Two men have been arrested for submitting fake claims in connivance with three staffers from the government liquidator's office. The case pertains to the disbursal of refunds from two defunct companies which defrauded thousands of investors across the country.
In 2010, the Bombay high court ordered the appointment of a liquidator with regard to disbursals from two companies, Citi Limousines and City Realcom. The two City Group firms had allegedly duped over 70,000 people by promising high returns on investments.
On Saturday, the Azad Maidan police arrested Vikas Mahatre (49) and Vilas Dalvi (53) for being fake claimants. Both have been charged for cheating, forgery, breach of trust and criminal conspiracy. Earlier, in May, the police had arrested additional divisional clerk Keshav Satpute and staffers Gopal Bagul and Santosh Chavan, who worked at the liquidator's office.
The economic offenses wing (EOW) went on to arrest seven persons, including company chairman Sayyed Masood, and seized properties worth nearly Rs200 crore. In December 2010, the high court asked the liquidator’s office to make a list of investors duped by the two firms and the money they lost.
While the liquidator’s office was in the process of making the list and distributing money, in 2016, one Ramdas Yadav called up the office and complained that three staffers (Satpute and his subordinates) had cheated him of Rs 5 lakh.
“Yadav was asked to give a complaint in writing, after which the government liquidator, Pankaj Srivastav, was to look into it.
During inquiries, it transpired that Yadav and 29 others had never invested in the two companies and yet they wanted to include their names on the claimants’ list for refund, by paying Rs 5 lakh to Bagul, Chavan and Satpute,” said an officer. The trio made 30 fake affidavits and other documents claiming that they had invested in Citi Limousines and City Realcom between 2007 and 2011.
70,000 People Fell Victim To City Group Scam
Mumbai:
Two men have been arrested for submitting fake claims in connivance with three staffers from the government liquidator's office. The case pertains to the disbursal of refunds from two defunct companies which defrauded thousands of investors across the country.
In 2010, the Bombay high court ordered the appointment of a liquidator with regard to disbursals from two companies, Citi Limousines and City Realcom. The two City Group firms had allegedly duped over 70,000 people by promising high returns on investments.
On Saturday, the Azad Maidan police arrested Vikas Mahatre (49) and Vilas Dalvi (53) for being fake claimants. Both have been charged for cheating, forgery, breach of trust and criminal conspiracy. Earlier, in May, the police had arrested additional divisional clerk Keshav Satpute and staffers Gopal Bagul and Santosh Chavan, who worked at the liquidator's office.
The economic offenses wing (EOW) went on to arrest seven persons, including company chairman Sayyed Masood, and seized properties worth nearly Rs200 crore. In December 2010, the high court asked the liquidator’s office to make a list of investors duped by the two firms and the money they lost.
While the liquidator’s office was in the process of making the list and distributing money, in 2016, one Ramdas Yadav called up the office and complained that three staffers (Satpute and his subordinates) had cheated him of Rs 5 lakh.
“Yadav was asked to give a complaint in writing, after which the government liquidator, Pankaj Srivastav, was to look into it.
During inquiries, it transpired that Yadav and 29 others had never invested in the two companies and yet they wanted to include their names on the claimants’ list for refund, by paying Rs 5 lakh to Bagul, Chavan and Satpute,” said an officer. The trio made 30 fake affidavits and other documents claiming that they had invested in Citi Limousines and City Realcom between 2007 and 2011.
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