EoW traces ‘hidden properties’ of Wasankar worth crores

By Dheeraj Fartode 

Three years after his arrest, the investigating machinery has finally dug out many hitherto unknown properties of Prashant Wasankar. The cops have detected nine plots worth more than Rs 10 crores. These properties were transferred by Wasankar in the name of “others” days before the police action just to create third party interest and save them from MPID Act. 

A senior police officer of EoW informed The Hitavada that they received a tip-off about the anonymous properties and explored the information in last two months.  The investigators recovered transfer papers, power of attorney of the properties from revenue department and from some “other” sources. 

The properties are situated in Nagpur district only. Wasankar had purchased these properties before year 2010 using money invested by the gullible investors. After sensing police action, Wasankar started transferring the properties to his “close aides and trusted well-wishers”. Many of these “close aides and trusted well-wishers” have been identified and very soon are likely to face police action in next couple of months. 

Another officer informed that some real estate brokers and builders from Mumbai and Pune were also in touch with Wasankar before the police action. The sleuths suspected that Wasankar might have invested huge money in the real estate market of Mumbai and Pune, but information is yet to ascertained and concrete evidence is being collected.

With more than 700 complainants, principal amount in the case has reached upto Rs 100 crore. Wasankar had promised to return them Rs 176 crore by offering mind-boggling returns and interest. The police have recovered Rs 30 crore in year 2016 including Rs 17 crore cash and properties worth Rs 13 crore. After adding this anonymous properties recovery has reached Rs 40 crore. 

Prashant Wasankar and his accomplices were booked under various sections of Indian Penal Code (IPC) and Maharashtra Protection of Interest of Depositors Act (MPID) on May 9, 2014 and first charge-sheet of 4,000 pages and another supplementary chargesheet has been filed in the case.

His arrest -- was a big blow for hundreds of his investors and admirers who viewed him as some sort of financial wizard with a Midas touch. Initially, a substantial number of investors mobilised support for Wasankar and termed the complainants as spoilsports, but later harsh reality surfaced before them and many of them quietly filed complaints against Wasankar. Wasankar’s mysterious money trail was such that he had circulated the money through 145 bank accounts. 

Court grants seven days PCR to Wasankar 

Economic Offences Wing (EoW) on Monday produced Managing Director of Wasankar Wealth Management Pvt Ltd Prashant Wasankar in  Special Maharashtra Protection of Interest of Depositors (MPID) court and obtained seven-days police custody. Cops produced Prashant Wasankar, Vinay Wasankar, Abhijeet Chaudhary and Bhagyashree Wasankar before Special Judge M Salman Azmi and sought 14 days remand on the ground that they want to trace further hidden properties and to recover amount involved as well as find out alleged gold purchased by them.

The cops informed the court that they want to interrogate Wasankar to trace money trail of the scam and investment. The defence opposed the remand stating that offences were registered 18 months ago and same allegations are repeated again. Besides, entire property has been seized in the first offence itself.  

After hearing arguments of both sides, the court granted seven days PCR. SPL. PP Kalpana Pandey appeared for prosecution. Adv. Shyam Dewani and Adv. Kailash Dodani (Vinay Wasankar), Adv. Chaitanya Barve (Prashant and Bhagyashree Wasankar), Adv. Harshal Puranik (Abhijeet Chaudhary) represented accused persons.