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CBI files chargesheet against Samruddha Jeevan directors in Rs 3.4 Cr ponzi scam

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New Delhi: The Central Bureau of Investigation (CBI) on Friday filed a chargesheet in the Court of Special Chief Judicial Magistrate against two former directors of Pune-based Samruddha Jeevan Multi-Purpose Co-operative Society, Mahesh Kisan Motewar and Prasad Kishore Paraswar in connection with Rs 3.4 crore scam.

The duo has been charged under Sections 120B/420/409 of the IPC and Section 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act.

In June 2014, the CBI had registered a case of fraud to the tune of Rs 3,484 crore after taking over a case registered by Malkangiri police in November, 2013 in this regard.

In the complaint, it was alleged that some officials of Samruddha Jeevan having branch office at Malkangiri and head office at Shivaji Nagar in Pune (Maharashtra) were swindling money from the public through agents by promising to provide cattle and goats as well as high rate of returns.

Later investigations revealed that the then chairman and director had allegedly conspired to cheat the public by luring them through various schemes.

It was further alleged that the firm collected a total amount of Rs 3,678 crore from over 35 lakh investors, whose estimated maturity amount would be Rs 4,320 crore. Out of the said amount, only Rs 836 crore was paid to the customers, the CBI cited.

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