Satvik Group's promoter Amol Dhake arrested from Ram Nagar by police

Ambazari police to produce in court on Monday and secure police custody remand

By Dheeraj Fartode

Amol Dhake, promoter of Satvik Group, the latest name in the long list of investment firms that duped Nagpurians, was arrested on Sunday by Ambazari police. Dhake was on run after his investment firm went bust last year, just about the time when the term deposits accepted by former was to mature.

Amol Dhake

Police have Dhake from Ram Nagar area of city where he was meeting the aggrieved investors to convince them about his intention to return their money. Dhake will be produced in court on Monday to secure his police custody remand (PCR) for interrogation. 

Police Inspector of Ambazari police station, Balasaheb Khade said that Dhake was picked-up after we learnt about his meeting. The sudden appearance of Dhake in city was quite mysterious as was his disappearance from city last year after wounding-up his business and other establishments.

A senior police officer said that investigation in the case would now get a boost as Dhake would shed light on the whereabouts of money that he collected from the investors. So far the amount misappropriated by Dhake is to tune of Rs. 33 lakhs but police said as more investors turn-up the swindled money could swell.

Dhake had fled to his native village in Jalgaon where he was in hiding after vanishing from city after disposing of the assets. His family including wife, who is also an accused in the case, are still hiding in Jalgaon, the sources claimed.

After Dhake, now cops are likely to track the other four directors of the firm as it set about gathering details about the firm's transaction, investments and the properties, if any acquired by the accused persons. The police still have no clues about address of other Directors, as investors knew very little about them. Acting on the complaint by one of the investor, Sanjay Prakash Kashikar (50), a resident of house of 808 (a), Karnalbag, the police had booked Chairman Amol Dhake and his wife,  Mahendra Kohad, Atul Dikshit, Sandip Mahajan and Mohan Joshi. So far police have received 16 complaints of cheating against Dhake till date. 

As per primary information, maximum investors in Dhake's firm were either his close relatives and friends who believed in promises of high returns. The investors used to meet Dhake in his office to get back their money as after maturity the promised returns on investments did not materialise. Dhake shielded himself from rage of investors by assuring them to meet his commitments as he has enough properties to meet the liabilities. But that time little did investors knew that the businessman was only busying time as once Dhake sold his entire property he was simply untraceable.

After Wasankar, Shreesurya, Raviraj and many other investment companies, Satvik Group allegedly defaulted on payments and thus left the investors high and dry again. Dhake floated prospective investors by promising astronomical returns on investment schemes. Hundreds of investors fell prey to ponzy schemes of Satvik Group.

Ambazari police had registered the case under sections 420 and 406 of Indian Penal Code read with section 3 of  Maharashtra Protection Of Interest Of Depositors (MPID) Act.

Cops awaiting details from banks

After registering case against Satvik Group, Ambazari police had sent notices to Samruddhi Co-operative Bank and Indian Overseas Bank where Dhake did most of his transactions. The police have asked for information about transactions of Dhake since year 2005, under sec. 91 of Criminal Penal Code (Cr. PC). The details would form an important part of investigation in the case.