Mumbai News: CID Sleuths Nab Key Accused Fugitive In ₹4,700 Crore Chit Fund Scam From Satara

Mumbai News: CID Sleuths Nab Key Accused Fugitive In ₹4,700 Crore Chit Fund Scam From Satara

Investigation spanned multiple offenses registered in Pune, Jalgaon and Osmanabad between 2015 and 2016 against companies affiliated with Samruddha Jeevan Group

FPJ News ServiceUpdated: Sunday, December 10, 2023, 08:59 AM IST
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Mumbai: The Maharashtra State Criminal Investigation Department (CID) has arrested Ramling Hinge, a key fugitive linked to the ₹4,700-crore chit fund scam masterminded by Pune-based Samruddha Jeevan Group, as reported by the Indian Express.

This sophisticated financial fraud targeted approximately 64 lakh small-scale investors across India, enticing them with promises of significant returns through various agricultural schemes, including ventures in cattle and goat farming.

CID' investigation spanned across Maharastra

The CID's investigation spans multiple offenses registered in Pune, Jalgaon and Osmanabad districts between 2015 and 2016 against companies affiliated with the Samruddha Jeevan Group. Mahesh Motewar, the Chairman and Managing Director, along with several family members and key officials faces a total of 26 criminal cases filed by agencies such as the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and state police in Odisha, Madhya Pradesh, Karnataka, Gujarat, Jharkhand, Andhra Pradesh, among others.

CID apprehended accused Ramling Hinge

Acting on specific intelligence, the CID apprehended Ramling Hinge (56), one of the directors of the group, who had been evading authorities for the past seven years. Hinge was apprehended at a cinema on Satara Road after a meticulously executed operation. Of the 25 individuals implicated in the case, 16 have been taken into custody, including Motewar and his family members, all of whom are presently on bail.

The Securities and Exchange Board of India (SEBI) uncovered various irregularities and malpractices within the company, highlighting its operation of schemes without the necessary authorizations mandated by laws. Investigations revealed that a staggering 64 lakh investors were duped of ₹4,725 crore, with 18 lakh victims hailing from Maharashtra alone.

Looking ahead, CID chief and Additional Director General of Police Prashant Burde emphasized the ongoing efforts to trace and apprehend additional absconding suspects in this case and other significant investigations.

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