Even as the thousands of crore worth PNB-NiMo scam is keeping the Enforcement Directorate (ED) busy, its probe in another, in which nearly 20 lakh investors were duped of Rs 3,500 crore in a ponzi scheme, is progressing
One of the Pune buildings owned by Mahesh Motewar attached by the ED
Even as the thousands of crore worth PNB-NiMo scam is keeping the Enforcement Directorate (ED) busy, its probe in another, in which nearly 20 lakh investors were duped of Rs 3,500 crore in a ponzi scheme, is progressing.
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The ED has attached assets worth Rs 101.30 crore under the provisions of the Prevention of Money Laundering Act, 2002, belonging to Mahesh Motewar, promoter and CMD of Samruddha Jeevan Foods India Ltd (SJFIL), which was allegedly running the scheme. Motewar allegedly used to collect investment and deposits from investors with the help of his commission agents, who would promise people high returns, saying their money would be invested in rearing goats and buffaloes.
An ED source told mid-day, "In June 2017, the ED had attached properties worth Rs 207 crore, including a Bell-make helicopter worth Rs 3.43 crore. Total attachment [of assets] in this case is now is Rs 308 crore. Further investigation is on."
According to ED sources, the agency has been investigating to unearth properties acquired by the accused with the help of investors' money. Following a probe into the trail of funds, the ED yesterday attached Motewar's assets — land, residences, shops and offices, spread across eight states, including Maharashtra. These were purchased in the name of SJFIL, Pune, its sister companies, Motewar himself, his two wives, other family members and business associates.
The investigation established that funds collected from unsuspecting investors were laundered for the expansion of the promoter's other businesses and for his personal gain.
Some of the attached properties belong to Rajendra Singh Atarsingh Yadav, who is associated with educational institutions Chaudhary Atarsingh Yadav Memorial Education Trust and Sai Foundation Pvt Ltd, which runs Siddhant School of Medical Science at Mainpuri District, Uttar Pradesh.
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