ED attaches Rs 207 cr assets of Samruddha group

The Enforcement Directorate (ED) has attached assets worth Rs 207 crore of Samruddha Jeevan Foods India Limited (SJFIL) group which siphoned off Rs 3,500 crore from over 20 lakh people across India through its ponzi schemes, an official said on Monday.

The agency attached immovable properties worth Rs 203.55 crore and movable property (helicopter) valued at Rs 3.43 crore of the Pune-based firm under the Prevention of Money Laundering Act.

These properties were purchased in the name of the main company SJFIL and many of its associated companies like Prosperity Agro India Ltd, Samruddha Jeevan Multistate Multipurpose Society Ltd, Samruddha Jeevan Constructions Pvt Ltd, Jeevan Jyoti Construction Pvt Ltd, Samruddha Jeevan Orchard Resort Pvt Ltd, Samruddha Jeevan Hotels and Hospitality Pvt Ltd.

"We attached assets worth Rs 207 crore of SJFIL, its group companies, its promoter and Chief Managing Director Mahesh Kisan Motewar and his family members," an ED official said.

Motewar allegedly generated funds under several ponzi schemes and the money was laundered for the expansion of other businesses like construction, media, hospitality, software and for personal comforts, he said.

The official said Motewar, his two wives and others engaged in criminal conspiracy and cheated more than 20 lakh small investors across India by attracting them through their live stock business schemes like rearing, sale and purchase of live stocks.

"The accused lured people through their firms to invest money by falsely promising unreasonably high returns and generated funds more than 3,500 crore. They obtained huge money as deposits from investors which was neither refunded nor was there any interest or assured returns."

"Thus the entire activity of rearing, sale and purchase of livestock and other business activity was nothing but a smokescreen to collect huge funds from lakhs of investors, mainly in cash," the official said.

The official said Motewar involved many of his family members, relatives and office staff for carrying out this illegal collection and laundering through a web of 34 companies.

The collected deposits or investments under the ponzi schemes were laundered to various group companies, said the official, adding the funds were used to acquire immovable properties ranging from plots or lands, commercial complex, hotels, resorts, flats, bungalows and movable properties.

--IANS

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