Nagpur Today.
Citizens of Nagpur seem to be easy and soft targets for getting duped. These smartly attired, glib talkers who have swallowed crores of hard-earned money of innocent people have suddenly vanished into thin air after their magical feat of multiplying their money hundred folds.
On July 8, 2014, the Dhantoli Police personnel have finally booked the office-bearers of Raviraj Investment Company for defrauding investors to the tune of Rs 2.83 Crores. It is alleged that the accused are absconding.
The office-bearers of Raviraj Investors, who have been booked, include Rajesh Suresh Joshi, Radha Rajesh Joshi, Sarita Joshi, Sharad Joshi and four other persons who are said to be agents of Raviraj Investments.
According to police sources, Vijay Waman Marathe aged 48 years and resident of Vikas Nagar, Wardha Road and three others had collectively invested Rs 2.83 Crores in the ponzi schemes of Raviraj Investment Company in January 2010. Sources said that Raviraj Investments had assured them of doubling the invested amount in three years.
Sources in police said that the amount and the number of investors are much more and many more duped investors may soon pour in to lodge their complaints. The modus-operandi of most of these scamsters seems to be very similar.
Just like Jayant and Varsha Zambre of JS Financial Services, Shree Surya Group and Mahadeo Land Developers, Raviraj Investments Company too launched ponzi schemes with a guarantee of exorbitant returns and unrealistic profits to all their investors.
When group investors started demanding their invested money, Rajesh Joshi is said to have not only defaulted in the payment of the principal amount but also the interest promised.
The Modus Operandi of getting duped
These scamsters who belong to very reputed families are well qualified have very good oratorical and excellent marketing skills convince the investors that their scheme is really good and unlike others, their schemes are genuine. They even make prompt and timely payments of interests in the initial stages. However, on later stages, the company delays their payments and finally they abscond with crores of rupees.
While some unlucky ones, who stayed in the fray for longer period due to greed, get caught and finally cool their heels in jails. Some of them manage to escape for some time, but eventually get apprehended like Sameer and Pallavi Joshi of Shree Surya. However, Rajesh Joshi of Raviraj Investments along with his cohorts has managed to escape. Unlike Prashant Wasankar, Rajesh Joshi of Raviraj Investments had sold off all their properties and vehicles before going underground.
Angry investors have knocked the doors of Dhantoli Police Station demanding immediate and severe penal action against Rajesh Joshi of Raviraj Investments. Initially the investigations were handled by the Dhantoli Police Station, but later, they shifted the investigations to the Economical Offenses Wing (EOW) of Nagpur Police. When the investors started approaching the EOW with their complaints, they registered a case under section 420, 406, 120 (A) of Indian Penal Code read with section 3 of Investors Protection Act 1999.
Sources added that a team has been constituted to track the absconding scamster.
When Nagpur Today tried to speak to some of the investors, they were very scared for reasons best known to them. Many did not want to come forward to report the meeting for fear of infamy.
Property to be sealed
The Investigating Officer of the case Police Inspector of Economic Offenses Wing of Crime Branch Nagpur PI Naresh Pawar said that a team of Crime Branch sleuths have gone to Methirji village. They are slated to investigate the property registered on Rajesh Joshi’s name based on the Registrar of the village. The PI Pawar told Nagpur Today that once it is proven that the property is registered on his name, the property will be sealed.
Directors and office-bearers of Raviraj Group booked for duping investors of Rs 2.83 Crores