Pune: Key Accused In Rs 4,700-Crore Samruddha Jeevan Chit Fund Scam Arrested by Maharashtra CID

Pune: Key Accused In Rs 4,700-Crore Samruddha Jeevan Chit Fund Scam Arrested by Maharashtra CID

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

Aakash SinghUpdated: Friday, December 08, 2023, 12:37 PM IST
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The Maharashtra State Criminal Investigation Department (CID) has successfully captured Ramling Hinge, a crucial fugitive linked to the Rs 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.

The CID's investigation spans multiple offenses registered in Pune, Jalgaon, and Osmanabad districts of Maharashtra 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, Enforcement Directorate, and state police in Odisha, Madhya Pradesh, Karnataka, Gujarat, Jharkhand, Andhra Pradesh, among others.

Out of 25, 16 accused arrested so far

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, a key figure in the criminal conspiracy related to fund misappropriation, 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 Rs 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. The seriousness of the situation emphasizes the necessity for ongoing diligence in untangling the complex network of financial misconduct orchestrated by the Samruddha Jeevan Group.

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