Sitting amid the blackened remains of his home, 32-year-old Nikesh Gawali carefully broke open a half-melted plastic box with a screwdriver. His hands shook slightly, not out of fear, but out of hope. “I’m trying to find my daughter Aarti’s gold earrings,” he said quietly, still focused on the box. “She’s just five. I got them made recently after months of labour work.” The plastic box, warped and blackened by heat, was one of the few things left from his two-room house on the outskirts of Dhamangaon village . All around him lay ash, broken tin sheets and charred wooden beams. The walls had cracked under the heat and the front room’s tin roof had caved in completely. What remained was a blackened debris all around - almost nothing to suggest a home once stood there. Nikesh earns his living as an agricultural labourer, like many in the village. Work is uncertain and depends on the season. Those earrings weren’t just jewellery - they were a small dream, a reward for his hard work,...
- Another investment scam hits city
- Dhantoli police book office-bearars of Raviraj Investement for defrauding investors
By Dheeraj Fartode
Hapless citizens of Nagpur have once again been duped by another smart, suave, fly-by-night operator who gobbled crores of hard earned deposited by unsuspecting investors and vanished into thin air.
Dhantoli police, on Tuesday, finally booked office-bearers of Raviraj Investment Company for defrauding investors to the tune of Rs 2.83 crore. Accused are absconding, said police.
Accused are identified as Rajesh Suresh Joshi, Radha Rajesh Joshi, Surekha Joshi, Sarita Joshi, Sharad Joshi and other four agents.
Complainant Vijay Waman Marathe (48), a resident of Vikas Nagar, Wardha road and three others had invested collectively worth Rs 2.83 crore in the company on January 2010. The company assured double returns of the money within three years.
The amount and number of those cheated by company is much more and complaints are likely to pour in. Like all previous scamsters including Jayant and Varsha Zambre of JS Financial Services, Shree Surya group and Mahadeo Land Developers, the Raviraj Group had also floated the ponzi scheme promising astronomical returns and unbelievable profits to all its investors. Hundreds of investors have reportedly been lured and duped. The same modus operandi of high returns, sugar-coated talks by highly educated promoters belonging to reputed families and very prompt payment of interest in initial phase, lured many unsuspecting investors to opt for this bogus scheme, which ultimately turned out to be a cleverly operated fraud.
Like other players, many of whom are cooling heels behind bars, but leaving the investors in lurch, the Raviraj Group also floated a fradulent but quite attractive model of investment assuring very quick returns on investment and by a word of mouth hundreds of middle-class people parked their money with them. The amount deposited and swallowed by these fraudtsers is estimated to be in the range of Rs 80-100 crores. Following arrests of other scamsters, the Raviraj Group investors had made a bee-line demanding back their investments, but the group had started defaulting not only on principal amount but even on interest payments.
According to aggrieved investors, Raviraj Group sought investments in the name of Raviraj Investment and Strategy Company. Both Rajesh and Radha Joshi, main promoters of the group are on the run since last three-four weeks. Other directors and even their old parents are not traceable. Like all other scamsters, the Joshi couple had sold all immovable property before going underground, leaving hundreds of hapless investors in deep soup.
Rajesh Joshi had started Raviraj Investment and Strategy Company four years ago in Deo Nagar behind Saibaba Temple. Mostly senior citizens were targetted with a promise of unbelievable returns in two and half years and close to 350-400 investors were persuaded to park their retirement money with group. Initially, the interest was paid and default started once similar schemes floated by other operators came crashing down. When the investors approached the company after completion of the period, the accused sought further extension of time period. However, the accused fled from the city without paying the amount.
Angry investors had knocked the doors of Dhantoli police station demanding stern action against Raviraj Group. Initially, the investigation into this scam was carried out by Dhantoli Police, but later the matter was handed over to Economic Offences Wing (EOW) of Crime Branch, which is handling many such scams in which hundreds of innocent citizens were duped by such unscrupulous elements who vanished with hundreds of crores.
The investors then approached Economic Offence Wing of Crime Branch and submitted a complaint. After investigating the case, officials of EOW have registered the case at Dhantoli police station under sections 420, 406, 120 (A) of Indian Penal Code read with section 3 of Investor Protection Act, 1999.
A senior police officer informed that the accused are absconding and special team of EOW searching them.
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