HIGHLIGHTS
MUMBAI: The city economic offences wing (EOW), probing an investment fraud, has found that more than three lakh persons invested over Rs 500 crore in ponzi schemes run by Ganesh Hajare, director of Atharva4U Infra and Agro Pvt Ltd, a city-based investment firm, and others.
The first arrest was made last week after some investors called Hajare to Thane’s Talao Pali for a “'meeting”, where a police team was waiting. Soon after he alighted from a private cab, he was detained and taken to the city police headquarters in a crowded local train. Hajare, who studied till Std XII, has been sent to police custody till August 13.
The fraudsters had promised double the money in five years, thrice in seven years and four times in 10 years. “The firm claimed business interests in construction, travel and tourism, educational institutions, hotels and resorts. The directors claimed they would invest the money collected in these businesses,” said an officer. After a case was registered in June, police found the server of computers being used to run the schemes. “We got data from their records. The investors cheated and amount may increase as the probe deepens,” added an officer.
Besides Hajare, those named in the FIR include Shivaji Niphade, Sachin Gosavi and Mukesh Sudesh. “Police froze 30 bank accounts, attached three commercial galas in Dahisar, offices in Thane, Dadar and Borivli, flats in Dahisar, Vashi and Thane, another property in Thane, plots in Shahpur, Palghar and Silvassa, and a cattle farm house in Konkan.
Dahisar resident Sneha Deware had complained that she had invested Rs36,000 in 36 months and was promised Rs 49,000 on maturity of the scheme in 2017 but did not get anything.
Investors were given options, with a minimum of Rs1,000pm. “We suspect there are many more victims. The accused distributed pamphlets, brochures, placed advertisements in newspapers and held seminars to lure victims. They had over 40 staff,” said a source. Inspector Baliram Dhas is probing the case.
- Mumbai economic offences wing has found that more than three lakh persons invested over Rs 500 crore in ponzi schemes run by Ganesh Hajare.
- Hajare, who studied till Std XII, has been sent to police custody till August 13.
- The fraudsters had promised double the money in five years, thrice in seven years and four times in 10 years.
- Illustration for representational purpose.Illustration for representational purpose.
MUMBAI: The city economic offences wing (EOW), probing an investment fraud, has found that more than three lakh persons invested over Rs 500 crore in ponzi schemes run by Ganesh Hajare, director of Atharva4U Infra and Agro Pvt Ltd, a city-based investment firm, and others.
The first arrest was made last week after some investors called Hajare to Thane’s Talao Pali for a “'meeting”, where a police team was waiting. Soon after he alighted from a private cab, he was detained and taken to the city police headquarters in a crowded local train. Hajare, who studied till Std XII, has been sent to police custody till August 13.
The fraudsters had promised double the money in five years, thrice in seven years and four times in 10 years. “The firm claimed business interests in construction, travel and tourism, educational institutions, hotels and resorts. The directors claimed they would invest the money collected in these businesses,” said an officer. After a case was registered in June, police found the server of computers being used to run the schemes. “We got data from their records. The investors cheated and amount may increase as the probe deepens,” added an officer.
Besides Hajare, those named in the FIR include Shivaji Niphade, Sachin Gosavi and Mukesh Sudesh. “Police froze 30 bank accounts, attached three commercial galas in Dahisar, offices in Thane, Dadar and Borivli, flats in Dahisar, Vashi and Thane, another property in Thane, plots in Shahpur, Palghar and Silvassa, and a cattle farm house in Konkan.
Dahisar resident Sneha Deware had complained that she had invested Rs36,000 in 36 months and was promised Rs 49,000 on maturity of the scheme in 2017 but did not get anything.
Investors were given options, with a minimum of Rs1,000pm. “We suspect there are many more victims. The accused distributed pamphlets, brochures, placed advertisements in newspapers and held seminars to lure victims. They had over 40 staff,” said a source. Inspector Baliram Dhas is probing the case.
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