Published On : Mon, Nov 25th, 2013

End of road for Wasankar ; Another Investment Bubble set to burst in Nagpur?

dr.prasant-wasankar

Nagpur News: An old joke goes- The best way to double your money is to fold it in half and keep it in your pocket. While the joke stands true for the moolah it also unveils the ugly face of fraudsters. In the recent past, Nagpur has seen many investment frauds in the name of doubling the money through ponzi schemes. And the trail refused to die down. After Mahadev Land developers cheating case, Stock Guru Scam and more recently the multi-crore Shreesurya investment fraud, another scam is in the making. Sources informed that the condition has reached its peak and the bubble of the city’s known Wasankar Wealth Management Company will burst any time soon.

In a span of two years, Agrawal, Manchalwar, Jhamre, and Joshi couple have swindled across 10,000 investors with almost Rs 5,000 crore. And Wasankar Company might be the next in the list of these fraudulents.

Commenting on the scheming ways of such companies an expert says, “Fudging figures to post brisking growth is just it takes for many of the dubious investment companies to lure big moolah from the gullible investors. The trap is often laid so strongly that it directly hits the psyche of people who readily stumble upon such proposals to get off their financial miseries. Some gets trapped in the attraction for quick multiplication of their money.”

President of Vidarbha Jan Andolan Samiti Kishore Tiwari has posted on a social networking site about this fraud and has urged the government to take action against Wasankar in this connection. Tiwari informed that the fraud came to light after a group of investors created ruckus outside the office of Wasankar Company and demanded return of their money stuck in the company.

The ‘Double’ Trouble

He wrote that Vidarbha Janandolan Samiti contacted few investors to get into the depth of the case. The investors informed that Wasankar Company promised the investors to double their money in 24 months. Prashant Wasankar, owner of Wasankar Company paid the amount to investors for a short period of time. But soon, he declared that due to lack of investment and financial setback in the company, he could not return the money to the investors from the current month.  Thus, Vidarbha Jan Andolan Samiti demanded to take quick action against Wasankar Company before it is too late.

Out in media, no action yet

Tiwari mentioned that a leading Marathi daily had earlier published news about a fraudulent company working in the second capital. However, no political leaders, media groups or police department have taken any cognizance to the wrongdoings and no action has been yet by any of the department.

In the garb of financial advice

Kishore Tiwari said that Prashant Wasankar has pocketed money from investors under the name of financial advisor and Investment Company and lured the investors to pay double amount of the invested money in 24 month. Tiwari further mentioned that the fraud has been taking place since 23 years and no action has been taken against the directors of Wasankar Company.

Tiwari has claimed that he has displayed this information after contacting the investors in person and making confirm about the postpaid cheques. He demanded Prashant Wasankar to return the money of investors. He also claimed that the company can file a complaint of defamation against him and the Samiti if the charges are proved wrong.

Delay in action costs dearly to investors

Unfortunately for investors, the authorities step into the picture very late. Action is taken only after a large number of investors file a complaint. Fraudsters usually operate in tier II cities and smaller towns, where financial literacy is low and people are not aware of the perils of pyramid schemes. The authorities need to be more proactive in their approach and nip the menace in the bud before such activities become full-fledged scams.

wasankar

– Rajeev Kushwaha | Email – rajeev.nagpurtoday@gmail.com