Pune biz­man dupes 20 lakh in­vestors of `2,000cr, ar­rested

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - HT Cor­re­spon­dent ht­metro@hin­dus­tan­times.com

MUM­BAI: A Pune-based businessman, who floated var­i­ous com­pa­nies, was ar­rested by the Eco­nomic Of­fences Wing (EOW) of the Mum­bai po­lice on Fri­day night for dup­ing around 20 lakh in­vestors of Rs2,000 crore.

Fifty-six-year-old Balasa­heb Bhap­kar, man­ag­ing di­rec­tor and chair­man of Sai Prasad Prop­er­ties Lim­ited, Goa, and Sai Prasad Foods Lim­ited, Pune, col­lected funds from in­vestors with­out req­ui­site per­mis­sions from the RBI and SEBI, said EOW of­fi­cials, adding that the com­pa­nies con­tin­ued to op­er­ate de­spite both the RBI and SEBI send­ing them le­gal no­tices.

The au­thor­i­ties are now on the look­out for at least five oth­ers, in­clud­ing two women and Bhap­kar’s son, who could be in­volved in the racket. Bhap­kar, mean­while, was pro­duced be­fore a lo­cal court and was re­manded in po­lice cus­tody till De­cem­ber 10.

The EOW has cur­rently frozen 193 bank ac­counts in 15 banks that hold Rs74 crore in con­nec­tion with the case. “The in­vestors were promised re­turns of 12% to18% via daily/monthly/ yearly schemes. There are nu­mer­ous sis­ter con­cern com­pa­nies to which the funds have been rerouted,” said Dhanan­jay Kam­lakar, joint com­mis­sioner of po­lice, EOW, adding the com­pa­nies al­ready have five crim­i­nal cases reg­is­tered against them in Gwalior, Jaipur and Ch­hat­tis­garh, with one case be­ing probed by the CBI.

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