Pune: Enforcement Directorate on Monday attached assets of Mahesh Motewar, the chairman and managing director of the multi-crore collective investment scheme company Samruddha Jeevan Group, and Samruddha Jeevan Foods India Limited.
The property, including hotels, helicopters, land plots in four states and collectively worth worth Rs 207 crore, is attached. The agency has been investigating the case under Prevention of Money Laundering Act (PMLA).
Last year CBI had arrested Motewar and is wife for cheating thousands of investors. The agency has attached a number of land plots, apartments, three hotels in Pune, one helicopter at Santacruz Airport.
Mahesh Motwar is involved in mega chit fund scam in which small investors were promised to give high returns. However these small investors were cheated. The company had offered double the investor’s money in five-and-half years. In 2012, Osmanabad police had filed case against him in Rs 35 lakh dairy scam in Umaraga in Osmanabad. In 2013.
The Securities and Exchange Board of India barred the company and its directors from floating money from investors who are mostly from rural areas.
SEBI in 2016 also registered criminal offence against the company and its four directors violating its orders to not raise funds. CBI had also raided 58 places linked to the company including its office in Pune.