VJAS moves SEBI-RBI Against ‘ Wasankar –Stavik- Shreesurya Groups’ Ponzi Scheme Resulting Rs.10,000 crore Scam
Nagpur- 12th december 2013
It is widely reported that these Wasankar, Shreesurya and Satvik groups collects deposits in serious violation of Companies Act, Income Tax Act, regulations of SEBI and RBI and also Maharashtra Stamp Duty Act. Therefore, as responsible activist, we demand that Economic Offences Wing (EOW) of SEBI/RBI should immediately order a detailed probe into the affairs of these uncontrolled state protected illegal financials misdeeds to put a check on similar ponzi investment scheme operators in the country ,Tiwari added.
There are shocking reports that these self styled wealth management companies neither acquired nor applied for requisite qualification certificates and permissions to function as portfolio manager and for collecting public deposits from Reserve Bank of India and Securities Exchange Board of India (SEBI), these companies are accepting deposits in his firms' names and also is promising two and half times and three times returns in two and half and four years respectively with taking any legal permission moreover these companies are Functioning as Portfolio Manager claiming to advise their clients about investment in stock markets, mutual funds, government securities, debentures, gold and other precious metals, commodity exchanges but there are not controlled by anyn regulators not permitted by SEBI/RBI/BSE/NSE but they are doing activities openly hence we are moving SEBI/RBI FOR urgetn action ,Tiwari added.
According to an estimate over 50,000 persons have invested between ` 10,000 crore to 15,000 crore in Ponzi schemes floated by Dr.prashant wasankar ,Amol Dhake and Sameer Jodhi titled Wasankar, Shreesurya and Satvik companies . These are innocent victims of evil designs and their money needs to be protected. SEBI should initiate a probe into illegal activities of these businesses.RBI also should open an inquiry against these companies for not acquiring license to function as Non Banking Finance Company (NBFC) and illegally collecting deposits from public,Tiwari said