Wednesday, December 11, 2013

VJAS moves SEBI-RBI Against ‘ Wasankar –Stavik- Shreesurya Groups’ Ponzi Scheme Resulting Rs.10,000 crore Scam

VJAS moves SEBI-RBI Against  ‘ Wasankar –Stavik- Shreesurya Groups’ Ponzi Scheme Resulting Rs.10,000 crore Scam
Nagpur- 12th december 2013
The recent reported scams of so called Wealth Management and Investment companies of Dr.prashant wasankar ,Amol Dhake and Sameer Jodhi titled Wasankar,Shreesurya and Satvik by floating illegal ponzi schemes promising 2 to 3 % monthly interest  rate in which more than 50,000 investors lost their hard earn money now activist group approached financial regulator SEBI/RBI for urgent intervention and criminal prosecution as most of the these self-styled companies neither registered with Reserve Bank of India or Securities Exchange Board of India nor permitted by RBI to collect deposits by issuing fake promissory notes and deposits receipts as these companies are not registered as a Non Banking Financial Company (NBFC) with  permission to collect deposits from public and it is illegal as registered NBFC's vide notification no 118 under the Acceptance of Public Deposit Rules 1998  hence thss Group’s  running illegal money multiplying schemes and has started defaulting on repayments for the last some months,need SEBI/RBI urgent intervention hence this official complaint ,Kishor tiwari of Vidarbha Jandolan  Samiti informed in press release today
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

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