WHEN 13 LAKH INVESTORS WILL GET THE REFUND?

UNMESH GUJARATHI
SPROUTS BRAND STORY

Around 13 lakh Investors who are victims of the Samruddha Jeevan Multi-State Multi Purpose Cooperative Society’s alleged chit fund scam worth Rs 3,500 crore, are yet to get even a single paisa as refund even after the arrest of its kingpin in 2015.

An auto rickshaw driver from Pune, Mahesh Motewar scripted a new black history in the corporate sector and floated a chit fund company- Samruddha Jeevan Multi State Multi Purpose Co-Operative Society (SJMMCSL).

Mahesh Motewar : तब और अब

Motewar, the chairman and managing director of the multi-crore collective investment scheme company “Samruddha Jeevan Group”, and “Samruddha Jeevan Foods India Limited”, who is languishing in jail along with 16 others, doled out huge donations to almost all political parties. Offering attractive return on investment, Motewar collected over Rs 3,700 crore from gullible investors.

He was arrested in 2015 and has been languishing in jail for the past nearly 7 years. The documents related to the scam have been seized and his properties have been sealed. But the investors have not received a single rupee. The Govt and Opposition is keeping quiet for obvious reasons and vested interest.

Motewar is in Beed jail

Motewar was taken into custody by Beed city police, from the Rajkot Central jail of Gujarat on November 17. He was granted police custody for 7 days on November 19 by the court. Totally 28 offences have been registered against Motewar in 22 states.

Handcuff Kumar Ketkar too !

Motewar set up the Samruddha Jeevan Multi State Multi Purpose Co-Operative Society (SJMMCSL) and collected money from over 13 lakh ordinary people. He appointed many so-called corporate management Gurus to boost the image of his company. In addition he set up “Live India” TV news channel and started “Mi Marathi Live” newspaper.

The Rajya Sabha member (nominated by Congress) and senior Journalist Kumar Ketkar, former Shiv Sena MP Bharatkumar Raut and Journalist Nikhil Wagle were part of Motewar’s “Think Tank”. Ketkar heaped praises on Motewar as most successful entrepreneur in several interviews. Ketkar also managed to obtain a bogus PhD for Motewar. He also openly appealed to common men to invest in Motewar’s bogus chit fund company. But no action was taken against all these “conspirators”.

Political parties and Govt machinery is silent

Today Motewar is in jail. His alleged two wives- Leena and Vaishali and his girl friend Supriya Kanse are also in jail. But the directors of his company like Ketkar are moving with prestige in society. The investors are helpless, there is no one to protect them. Due to financial settlements, Government agencies are docile. The condition of hundreds of agents and investors is pitiable. Several agents and investors have committed suicide. However the Modi Government is silent and even the Opposition is in a deep slumber.

In view of this, the Sprouts’ SIT team has demanded that all the directors of the Samruddha Group of Companies be arrested and their properties frozen under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999.

Unmesh Gujarathi
Editor in Chief
sproutsnews dot com

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