Vaishali Motewar arrested by CBI
Company duped investors of Rs. 3,650 cr
Pune: The State Criminal Investigation Department (CID) on Saturday arrested chit fund accused Vaishali Motewar, wife of Samruddha Jeevan Foods CMD Mahesh Motewar.
Vaishali Motewar is also a director in the company, which is alleged to have duped people to the tune of Rs 3,650 crore in eight states.
In 2016, the Pune district court had declared her a proclaimed offender in connection with the chit fund scam of 2014.
The FIR in this case is registered at the Chatuhshrungi police station for cheating, criminal conspiracy and criminal breach of trust under the Indian Penal Code (IPC) and sections 3, 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act.
CID officials said that Vaishali was staying with her relatives in Nigdi. After getting information about her, a team under the supervision of SP (EOW) Jyoti Kshirsagar nabbed her.
In 2013, the Securities and Exchange Board of India (SEBI) had barred the directors of the company, headquartered at Shivajinagar in Pune, from raising money from investors.
In November 2015, a SEBI officer, Sachin Sonavane, lodged a formal FIR with the Deccan Gymkhana police station against the company and its four directors, Mahesh Kisan Motewar, Vaishali Motewar, Ghanshyam Patel and Rajendra Bhandare, for allegedly continuing to raise money from investors despite the ban.
The company had been collecting money from small investors, most of whom were from rural and semi-urban areas, with promises of huge returns on investment in cattle and goat farms. SEBI had found that besides facing several allegations of illegal practices, the company was running the scheme without proper approval.
Earlier in December 2015, Motewar was arrested from Pune by the Osmanabad police, in connection with a case of cheating registered in 2012.