Nagpur: In a significant development, the Enforcement Directorate (ED) has provisionally attached assets worth Rs 38.33 crore belonging to Shreesurya Investments, a company based in Nagpur, in the multi-crore investment scam, a press release issued by ED said.
This company had been operating schemes a decade ago that invited public funds with the promise of high returns, ultimately defrauding thousands of investors.
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According to the ED press release, the investigation revealed that the assets, acquired using the defrauded funds, were located in Nagpur, Amravati, and Akola, as well as Margao in Goa. The ED’s action stems from a case initiated by the State Police’s Economic Offences Wing (EOW), which had arrested Shreesurya’s promoter, Sameer Joshi, ten years ago. The EOW case serves as the predicate offense for the ED’s action.
A provisional attachment by the ED is only the initial step. The ED must obtain confirmation of the attachment from the adjudicating authority in Delhi. Shreesurya Investments can appeal against this attachment and potentially move to the tribunal later.
The ED Nagpur announced on X that properties belonging to Shreesurya Investments in Maharashtra and Goa were provisionally attached under the Prevention of Money Laundering Act (PMLA). The EOW confirmed that both agencies are coordinating efforts, sharing asset details for the purpose of attachment.
According to the EOW, Sameer Joshi and his associates have been charged under the Maharashtra Protection of Interest of Depositors Act (MPIDA). The sale of the attached assets to repay investors can only commence once the trial is completed and the offense is proven.
Joshi attracted funds for various ventures, including retail chains, dairy farming, and school buses, offering returns that surpassed those of mutual funds or banks, which led to substantial public investment. Both Sameer Joshi and his wife Pallavi, who were also implicated, are currently out on bail after being arrested by the EOW.
Sameer Joshi after alluring the public by making false assurances, with all the ill-will and ill-intention, duped the investors and used the public funds for the accumulation of properties in his name/his family members/ business entities. Sameer Joshi also made false and misleading advertisements about the benefits of the scheme.
In the course of the investment activities, various commission agents were also employed by Shreesurya Group. These commission agents accepted 3-7% of commission on the investments done by the investors. Also, with the intent of duping the new and genuine investors and for making them invest in the various investment schemes floated by Shreesurya group, the co-accused Commission agents organised “Investors Meet” to gather maximum amount of investment. 25 of such agents were identified as co-accused in the supplementary chargesheets and the properties derived by them from the proceeds of crime (PoC) have also been attached by ED.
Further investigation is under progress.
