BHUBANESWAR: Even as the Central Bureau of Investigation (CBI) has begun probe into the affairs of Samrudhha Jeevan Multi-State Multipurpose Cooperative Society in the multi-hundred crore ponzi scam, Angul Police has swiftly secured the big fish, its Chairman-cum-Managing Director Mahesh Kisan Motewar, on transit remand from Osmanabad where he was arrested a few days back.
Motewar, who is Director of at least 16 companies, was brought by road to Talcher by a team of officers. He was served notices several times basing on a case registered against Samruddha Jeevan Foods India Limited in 2013 but he did not respond.
A team of Angul Police had gone to Maharashtra in November to arrest him but in vain. Once he was held by Pune Police on December 28 after unsuccessful attempts for two years, the Angul Police proceeded to secure his custody.
In Odisha, Smaruddha Jeevan Foods had set up 37 offices and collected deposits from people through three schemes.
The company of Motewar, a high-profile businessman, had invested across sectors - from education to real estate; from media to hospitality and, from food to IT. His business empire runs into several thousands of crores of rupees.
Contacted, Angul SP Rajesh Pandit said the district police had arrested five employees of the company three years back and submitted chargesheets in the case on January 31, 2014. The case was booked under Section 420/406/467/468/471 and 120 (B) of the Indian Penal Code and Sections 4/5/6 of the Prize Chits and Money Circulation (Banning) Act, 1978.
“We will seek his remand to interrogate him to find out details of the company’s operations in the State because depositors were lured by the schemes of Samruddha Jeevan Foods India,” Pandit said.
In fact, the company had mobilised deposits from investors promising them an annual return at 14.3 per cent of interest rate. Those who invested were lured by the aspect that their deposits would be doubled in five and a half years. The company had monthly income and lump-sum return schemes. As per the company’s plans, the deposits were to be invested in buffalo and goat farming.
On December 29 last year, the CBI had raided 58 premises of Samrudhha Jeevan across the country as part of the mega chit fund scam.
Earlier in September, the Securities and Exchange Board of India (SEBI) had barred Samruddha Jeevan Foods India Limited and its directors including Motewar from collecting money from investors as well as launching and carrying out any collective investment schemes.
The first case against the company’s employees was registered in July, 2011 at Bhanjanagar police station in Ganjam.