The economic offences wing (EOW) of the city police, probing an investment fraud, arrested a top official of a city based investment firm, for his alleged role in the Rs 900 crore ponzi scheme fraud case.
The accused, Shivaji Nikale, managing director of Atharva 4 U Infra & Agro Pvt Ltd, was arrested on Wednesday night. When the probe into the began, the fraud was believed to be worth Rs 36,000 and it has now touched Rs 900 crore, said the police. Nikale who was arrested from Byculla where he had come to meet an associate has been sent to police custody till September 10. Earlier this month, the police arrested Ganesh Hajare, director of the firm, in the case.
“Nikale is the mastermind of this scheme,” said an officer.
The EOW which probes white collar crimes and has a dedicated cell for investment frauds and multi-level marketing probe has so far attached land plots belonging to this firm in Mumbai, Thane, Vitthalwadi, Pune, Virar, Wada Dahanu and other places worth over Rs 100 crore.
“We have attached several commercial and residential properties as well,” added an officer.
The scamsters promised to double the money if invested for five years or triple the return on investment for seven years and give four times return on investment if investors made a 10-year commitment. The police said that the accused promised high returns and that investor’s deposits would be re-invested in construction, travel and tourism, educational institutions, hotels and resorts. After a case was registered in June this year, the police conducted searches and found servers of the computers used to run the schemes. “While scanning data, we found over 3 lakh investors involved in various schemes,” said the officer.
A Dahisar resident, Sneha Deware, had lodged a complaint that she had invested Rs 36,000 in 36 months and was promised Rs 49,000 on maturity in 2017. However, she neither got the returns nor the principal. Inspector Baliram Dhas is probing the case. Those named in the FIR include Nikale, Hajare, Sachin Gosavi and Mukesh Sudesh. The police teams have so far frozen over 35 bank accounts and attached properties belonging to the firm in Mumbai, Thane and Navi Mumbai, said an officer.
The accused, Shivaji Nikale, managing director of Atharva 4 U Infra & Agro Pvt Ltd, was arrested on Wednesday night. When the probe into the began, the fraud was believed to be worth Rs 36,000 and it has now touched Rs 900 crore, said the police. Nikale who was arrested from Byculla where he had come to meet an associate has been sent to police custody till September 10. Earlier this month, the police arrested Ganesh Hajare, director of the firm, in the case.
“Nikale is the mastermind of this scheme,” said an officer.
The EOW which probes white collar crimes and has a dedicated cell for investment frauds and multi-level marketing probe has so far attached land plots belonging to this firm in Mumbai, Thane, Vitthalwadi, Pune, Virar, Wada Dahanu and other places worth over Rs 100 crore.
“We have attached several commercial and residential properties as well,” added an officer.
The scamsters promised to double the money if invested for five years or triple the return on investment for seven years and give four times return on investment if investors made a 10-year commitment. The police said that the accused promised high returns and that investor’s deposits would be re-invested in construction, travel and tourism, educational institutions, hotels and resorts. After a case was registered in June this year, the police conducted searches and found servers of the computers used to run the schemes. “While scanning data, we found over 3 lakh investors involved in various schemes,” said the officer.
A Dahisar resident, Sneha Deware, had lodged a complaint that she had invested Rs 36,000 in 36 months and was promised Rs 49,000 on maturity in 2017. However, she neither got the returns nor the principal. Inspector Baliram Dhas is probing the case. Those named in the FIR include Nikale, Hajare, Sachin Gosavi and Mukesh Sudesh. The police teams have so far frozen over 35 bank accounts and attached properties belonging to the firm in Mumbai, Thane and Navi Mumbai, said an officer.
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