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Chit fund scam: Two absconding directors arrested by Maharashtra Police

The CID is conducting a probe in four cases pertaining to a scam involving Samruddha Jeevan Foods India and Samruddha Jeevan Multi-Purpose Co-operative Society, an official said.

Published: 10th September 2020 06:12 PM  |   Last Updated: 10th September 2020 06:18 PM   |  A+A-

Chit fund fraud, money fraud

Samruddha Jeevan Foods India is accused of luring investors by promising high returns in fraudulent schemes (Express Illustrations)

By PTI

PUNE: The Criminal Investigation Department (CID) of Maharashtra police has arrested two directors of Samruddha Jeevan Foods Pvt Ltd in an alleged multi-crore chit fund scam.

The CID is conducting a probe in four cases pertaining to a scam involving Samruddha Jeevan Foods India and Samruddha Jeevan Multi-Purpose Co-operative Society, an official said.

"We arrested two absconding directors -- Hrishikesh Kanase and Supriya Kanase -- in Pune on Tuesday," the senior CID official said.

"Both were produced before a court here and remanded in police custody for seven days," he said.

Samruddha Jeevan Foods India is accused of luring investors by promising high returns in fraudulent schemes.

As per the CID, the total scam is worth Rs 3,500 crore and 25 people including the company's chairman and managing director Mahesh Motewar and his wife Vaishali Motewar have been named as accused in the cases registered by it.

Motewar, his wife, some other family members and a few company officials have already been arrested.

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