₹4,000-crore ponzi scheme: 4 key agents held
MUMBAI: Four key agents of the ₹4,000-crore Sai Prasad investment fraud, in which 40 lakh investors were cheated across the country on the promise of high returns, were arrested by economic offences wing (EOW). The four were arrested almost three years after the Securities and Exchange Board of India (Sebi) filed a complaint against 56-year-old Balasaheb Bhapkar, the chief managing director of the Sai Prasad Group of Companies, claiming he collected investments without its permission. Multiple investigation agencies registered cases of forgery, cheating and breach of trust against the company under the Maharashtra Protection of Interest of Depositors (in
Financial Establishments) Act, 1999. Following this, Bhapkar, his son Shashank, wife Vandana, director of the company Suresh Srivastav and vice president Sanjay Roy were arrested. The four agents — Pravin Bhondve, 47, Yatin Palkar, 57, Amarsingh Rathor and Manoharlal Patel—were arrested from Pune, Chhattisgarh and Indore by assistant commissioner of police (ACP) Sunil Bhoite’s special investigation team (SIT) under the supervision of joint commissioner of police (CP) Vinay Chaubey and deputy CP Parag Manere. “The four were involved since the launch of the investment scheme. Bhondve and Palkar were Maharashtra operations heads, while Rathor used to look after operations in Chhattisgarh,” said an officer. He also said the accused pocketed nearly ₹7-8 crore each through incentives. “Their names cropped up in the investigation earlier, but we were waiting for the Directorate of Forensic Science Laboratories (FSL) report. The court remanded them in 10 days police custody,” said Bhoite. In December 2015, EOW had raided more than 30 premises of the company across six states.
The firm had a large network of agents who collected daily sums as low as ₹50 from investors across 200 offices. Earlier two charge-sheets were filed against the Bhapkars and his two executives. EOW officials had also identified properties worth nearly ₹2,000 crore across eight cities and 40 cars and more than ₹200 crore in 300 bank accounts were seized.