Mumbai: Ponzi company’s bouncers thrash investor for speaking to the media

Rajesh Manjal said the bouncers attacked him on Sunday night; (right) bouncers outside the Borivli office of Kaak Economic Marketing Pvt Ltd on Monday

Hours after a man who was allegedly duped by a Borivli-based Ponzi firm spoke to the media on Sunday, he was thrashed by the company's bouncers. Rajesh Manjal said he was targeted because he has been aggressively pursuing to get his money back. The founder of the firm, Kaak Economic Marketing Pvt Ltd, was arrested on February 19 for cheating at least 25,000 investors through schemes that promised high returns.

Kandivli resident Manjal, a delivery boy, five bouncers waylaid him at Bandarpakhadi where he had gone to meet a friend. The bouncers abused him and hit him with a cricket bat. The Charkop police have registered a case and are yet to make any arrests. The police have also found that Kakde bought a lot of land using investors' money.

Kishore Kakde, main accused

"They tried to kidnap me by putting me into an auto. They snatched my mobile phone and a gold chain. Somehow I escaped."

Manjal said he had invested Rs 5,000 in the Maharaja card scheme of Kaak that promised groceries every month for a year. His mother-in-law's sister Mahadevi Dhotre and mother put in Rs 10,0000 each in the firm's FD scheme by mortgaging their jewellery. "I went to the office many times but the bouncers did not let us enter. When we learnt about the fraud, I gave the details to the media. But I'm not going to be afraid, I'll fight for my right," he said.

Manohar Shinde, senior PI of Charkop police station said they are looking for the attackers.

Investor outside Kaak's Borivli office on Monday

Investors throng Kaak's office

After mid-day front-paged the alleged fraud, which cops suspect would be at least Rs 1,00 crore, hundreds of investors visited Kakde's company's Orchid Plaza. mid-day found male four to five male and two women bouncers to stop people at the gate. After some time, investors were allowed to go inside. A bulk of Kaak's investors include drivers, househleps and daily labourers.

Veggies vendor to student duped

Vegetable vendor Kailas More, 27, said he had paid Rs 20,021 in a scheme in 2019. "I was told I would get R8,000 in my account and groceries worth Rs 3,000 every month. Everything stopped after two months. My brother Amit also invested in the scheme," said the Gorai resident. He said about 60 people from his area have given an application against Kaak to the Borivli police.

Aakash Rane, a BCom student and Kailas More, vegetable vendor

"After two months, the company again approached me to pay Rs 2,000 promising I would be gifted a laptop. I paid that money too, but didn't get anything," said More.

Gorai resident Sagar Modhale, 24, said, "I was working in the transport industry. During the lockdown, I also invested Rs 20,021. The company said I would chicken from a shop with whom they had a tie-up and I would also get groceries. Nothing came in my way. In May 2021, I paid Rs 2,021 after I was told they would gift me a washing machine."

Modhale said the company told him on Monday that the police have seized their account and they can't do anything till the end of this month. "Outside the office, they kept bouncers and did not allow anyone to visit the office directly. If argued, they are threatening us. It's pure goonda gardi."

Another investor Aakash Rane, a BCom student and Gorai resident, told mid-day, "I lost my father a few years ago and I am living with my mother. I pawned my mother's gold chain and put in Rs 20,021 in a Kaak scheme. I approached the Borivli police but they didn't register a complaint saying it was just Rs 20,021. I must get my money back."

Two more accused booked

The police on Monday added two more names in the fraud FIR. While one is unknown, the other's name is Shyam Parab. An officer from Borivli police station said more names will be added as the investigation progresses. "Many people invested in the company and then became agents to get more investors. They made a lot of money. Parab was one such person. Seeing his performance, Kaak gave him a car and many other gifts," said the officer.

The officer added, "We have found that Kakde used the investors' money to buy hundreds of hectares outside Mumbai including Palghar district. We have received many complaints."