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