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    Published On : Wed, Dec 11th, 2013

    Satvik Financial Services defaults on payment; Dhake clarifies stand

    01Nagpur News.

    As the dubious estate of ponzi schemes running with the lure of handing out high returns started to collapse, the investors have become wary of parking their funds into every other organization, especially those promising them high returns. After Shreesurya Scam and Wasankar Wealth Management defaulting hugely on payment, city’s another firm Satvik Financial Services Private Limited running its office from Bharat Nagar has come under the clouds for not paying to his customers as per the promise he made in his promissory note. The company has been operating its deposit schemes under its arm Satvik Investment.

    “Forget the monthly interest, we are now running from pillar to post to get our principle amount and now he has even stopped responding to my calls,” lamented an investor who had parked Rs 5 lakh into his scheme on April 26, 2013. He was promised the monthly return of Rs 25,000 beginning 30 days after the execution of the promissory note. However, till date neither he received any interest nor his principle amount. The concerned investor has been going through the tough time following up the company’s Chairman Amol Dhake who reportedly floated the amount into other avenues. He also provided the post dated cheque (dated July 26, 2013) as the guarantee against the deposit. However the cheque has bounced twice for the lack of sufficient funds in the account.

    02“Dhake had been pestering for the investment through one of his mediators for a long time. I shelled out Rs 5 lakh for which I had to earn Rs 8 lakh as there is a 40% deduction on the earnings in the country i work. When I came to Nagpur I was given the promissory note and the guarantee cheque. He had promised the amount of Rs 25,000 till the maturity of the amount. However till this date, I have not received a single rupee from his side. He has even stopped responding to my calls now, nor he is giving any word as to when he would return my money.”

    03One of these investors had even sent him the lawyer’s notice but he did not receive the notice.

    Another investor has invested Rs 2 lakh and facing the similar trouble. Then there is a builder who had invested more than one crore rupees.

    Dhake in his promissory note, a copy of which is in possession of Nagpur Today, has stated that he has taken the money as unsecured loan and is not abided by SEBI, RBI, NBFC and any other government bodies’ rules and regulations.

    When Nagpur Today contacted Amol Dhake, he said, “There has been a trend in Nagpur to give money on the basis of trust. I do not have many such investors who have handed out the money to me for investing on this basis. There were some revenue restrictions due to the dollar pressure due to which there is some delay but I will pay all of them in the next 2-3 months.”

    When told that he was not responding to any of the investors’ call, he denied doing so adding that the investors could have come to me if there was any problem. “I am very much accessible,” he said. Upon the payment default, he said, “The avenue in which I have invested the money for the concerned investor might have reported loss due to which I could not pay money on time but it is not that I will not pay. I will certainly pay them back.”

    When asked if he was authorized to collect such a huge deposit without any authorization from SEBI or RBI, he clarified that the mode of investment which he had invited does not fall under the norms of both the governing bodies as it was done purely on trust.

    04_02Meanwhile, the investors were not willing to buy Dhake’s theory and hit the panic button. “Similar assurances have been given in the past too but no substantial results have come across. Now we are considering approaching Economic Offences Wing for help,” said one of the investors.

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