Published On : Wed, Sep 10th, 2014

Hearing in Wasankar case taken-up on day to day basis

Advocates defending Vinay Wasankar and Mithila Wasankar presented their case in the court

Nagpur News

The court where the economic offenses are being presented, heard and verdict would be given by Honourable Judge S P Muley in the much talked about Prashant Wasankar and his ponzi schemes has started the hearings on a day to day basis.

Advocate Dewani who represented Vinay Wasankar and Mithila Wasankar (Vinay’s wife) placed before the court his arguments for his clients on September 10, 2014. Sources said that the defence lawyers will be presenting their petition for Baghyashree Wasankar and Kumud Chaudhari on September 11, 2014.

On September 10, 2014, a group of lawyers argued on behalf of various investors of Wasankar Group. However, the prosecution could not present or argue on the case, which will be heard on September 12, 2014.

It may be recalled, Prashant Wasankar of Wasankar Wealth Management Ltd and his associates allegedly promised astronomical returns in fanciful but fraudulent investments. Hundreds of investors have reportedly been lured and duped. However, Wasankar and his group defaulted on many payments and thus left the investors high and dry. It is surfaced that the Wasankar Wealth Management Company has eroded the hard earn money of over 2000 people by offering them quantum hike in their sum within short span of time. Wasankar allegedly charged huge amount membership as much as Rs. 1 lakh per annum and collected over Rs 2000 crore. He assured the depositors by giving them post dated cheques offering around 30% interest on deposit.

Prashant Wasankar and his associates were arrested by Economic Offenses Wing of Nagpur Police and the case has been submitted in the court.