Two major bizmen under EoW scanner in Wasankar case

Wasankar wealth management handled 4,000 demat accounts and 2,000 members. Many demat accounts were owned by the members, said a senior police officer

By Dheeraj Fartode 
Two big names of business world of city have come under scanner of Economic Offences Wing (EoW) afteragency noticed that huge amount of money was parked by Prashant Wasankar with these businessmen. During scrutiny of documents seized from Wasankar Wealth Management Ltd Hill Top office, the police came to know about these shocking facts, which could put big names in trouble.
After arresting Chairman of Wasankar Wealth Management Ltd Prashant Wasankar, his brother and Director of the company Vinay Wasankar and Director Abhijit Choudhary on Sunday for allegedly duping gullible investors with crores of rupees, EoW started interrogation of the three accused. After producing the accused in the court, the accused were taken to the EoW office for interrogation on Tuesday.
Sources informed that Wasankar, who had current accounts in Axis Bank, ICICI Bank, Indian Overseas Bank (IOB), HDFC Bank, and co-operatives banks, had withdrawn all money from the bank accounts and shifted the sum to unknown bank accounts or even outside country. As Wasankar came to know that police could book him, he had transferred the money in month of November 2013, sources revealed. Wasankar have hidden some documents related to transaction at unknown place, said sources.
Wasankar wealth management handled 4,000 demat accounts and 2,000 members. Many demat accounts were owned by the members, said a senior police officer. Cops believed that Wasankar collected money from investors promsing great returns in shortest possible time and rotated money and used the inflow to clear his previous liabilities.
Due to massive publicity campaign and prompt repayment, during initial phase thousands of people invested their hard-earned money with Wasankar. A majority of them were retired persons who parked their life-long savings. In 2012-13, flow of investors shrinked as two other companies using almost identical modus operandi run by Jayant and Varsha Zambre  of J S Financial Services and Shree Surya group run by Sameer and Pallavi Joshi, went bankrupt leaving thousands in lurch. Here, Wasankar started giving excuses to investors as cheques started bouncing for want of funds and finally he was booked by police in May 2014.
Wasankar’s company had received money by cheque and also in cash. Cops are assessing amount paid by cheque. However, cops are clueless about money trail and exact locations or individuals with whom Wasankar had parked the hard cash. Sources informed that many investors had invested their unaccounted money with Wasankar and hence are reluctant to lodge a police complaint against him.
When some investors rallied at office of Wasankar to get back their money, Wasankar had threatened them saying they would come under scanner of Income Tax department as their money was unaccounted.

Police appeal investors to
register their complaint 

Police Inspector of EoW and Investigation Officer Sudhakar Dhane has appealed investors to register their complaint at EoW. He assured that names of the investors would be keep secret and details would not be shared with anyone.
“If more investors come forward and lodge case against Wasankar then EoW will  be able assess exact amount of scam and the case would strongly stand in the court,” said PI Dhane.
According to cops the investors who had parked their unaccounted money should boldly come forward and lodge a complaint with correct details so that it will be easy to prepare a strong case against fraudster. Many legal experts believe that investigating machinery can no harass the investor and probe his source of income and that it is the job of income tax authorities. This fear of getting exposed or penalty for declaring unaccounted income often forces people not to register complaint, but unless people come forward in large numbers and submit evidence of their cheating, the investigating agencies will not be able to secure conviction.

Aggrieved investors to
stage dharna on July 30 

Aggrieved investors have decided to stage dharna infront of Commissioner of Police office on July 30 against inordinate delay and ineffective action against scamsters who duped thousands of investors in orange city. According to aggrieved investors, Wasankar had boasted to return money to all investors before July 25 and claimed that he had assets worth Rs 550 crores and had sufficient liquidity to discharge his liabilities.
According to Pidit Niveshak Sangharsh Samiti, Wasankar and Sameer Joshi had parked their money in South Africa and Australia and demanded a detailed probe into it. Jayant and Varsha Zambre of J S Financial Services, Sameer Joshi of Shree Surya, Raviraj group and now Wasankar Wealth Management Group, adopting almost identical modus operandi have swallowed huge money and duped gullible investors leaving thousands of people in a lurch.
More importantly, even if the promoters of such schemes are arrested, the money is never recovered as these smart operators always create third party interests over all the movable and immovable properties owned by them. Mostly the properties are sold to investors themselves and like notorious Zambre couple, same property is sold to many people leading to a bitter legal dispute among themselves.
However, the Samiti convenor Jammu Anand has questioned the inaction by regulating agencies like RBI, SEBI, Department of Company Affairs and Income Tax department well in time to prevent this cheating. The samiti has also demanded a probe into investment made by Government officials in these questionable wealth management firms. The aggrieved investors have demanded probe into political patronage to these scamsters.