13 June,2017 11:05 AM IST | Pune | Suraj Ojha
The properties, valued at Rs 207 crore, are part of a probe into a Rs 3,500-crore ponzi scheme that lured over 20 lakh investors with livestock business proposals
The helicopter in Pune that was attached by the ED yesterday
In what comes as a major step in the crackdown against the ponzi scheme floated by Mahesh Kisan Motewar, promoter and CMD of Samruddha Jeevan Foods India that was first reported in 2015 and which allegedly generated funds worth Rs 3,500 crore, the Enforcement Directorate on Monday attached assets worth Rs 207 crore. According to the chargesheet filed by CID in Pune, the money generated was laundered for the expansion of other businesses like construction, media, hospitality, software, etc along with benefiting family members personally.
The CID probe also revealed that Motewar and his two wives, with others that included relatives and staff members, engaged in criminal conspiracy and cheating, wherein more than 20 lakh small investors across India were lured into their livestock business schemes through a web of 34 companies with false promises of unreasonably high returns. Subsequently, the ED also commenced investigation under the Prevention of Money Laundering Act, 2002.
"During investigations, it surfaced that the company had obtained large deposits from investors, which were neither refunded nor was interest or returns on the investments paid. It was all a smokescreen to collect cash from investors. It was then laundered to its various group companies," said an officer.
Yesterday, the ED attached immovable properties valued at Rs 203.55 crore and a movable property, i.e. a helicopter worth Rs 3.43 crore.
Many faces of the same company
