Published On : Sat, May 10th, 2014

Panic reigns supreme at Wasankar’s office as another investment bubble set to burst

Nagpur News.

As the news of FIR against Prashant Wasankar, Chairman of Wasankar Wealth Management, and other co-accused went viral, panic gripped the investors as they crowded at the company’s office at Hill road in Shivaji Nagar here on Saturday. Chaos ruled at the office as the worried investors started gathering at Wasankar’s office since morning. These were the investors who had parked little or huge amounts into Wasankar’s ponzi schemes that promised unrealistic returns, only to default later.

Some of the investors who had earlier reposed confidence in Prashant Wasankar and trusted him to return their money now realized that things have worsened beyond repair. Their trust got wavered after the news got flashed.

On Saturday, these investors went into the office one after another, and when they did not find anyone in, they came out and joined the crowd of other investors.

Investors’ lost hope As the news of FIR against Prashant Wasankar broke, the furious investors rushed at Wasankar Wealth Management’s office at 247, Dharampeth Layout, Hill Road, Shivaji Nagar, Nagpur.

Investors’ lost hope
As the news of FIR against Prashant Wasankar broke, the furious investors rushed at Wasankar Wealth Management’s office at 247, Dharampeth Layout, Hill Road, Shivaji Nagar, Nagpur.

Some senior citizens as well as few angry investors started shouting at the staff sitting inside the office and demanded their money back. The staff who tried to pacify them got a mouthful from these investors. None of those who had any power to make any comment showed up at the office today. Prashant Wasankar and his wife who till yesterday were present in the office were surreptitiously absent from their office.

The correspondent and the photographer of Nagpur Today were threatened by some of the investors standing outside the office of Wasankar. They blamed Nagpur Today squarely for causing this scenario. Some of them opined that, the action of this portal only ensured that Wasankar will soon go behind the bars. Some investors still feel that as long as Wasankar is out of police net, there is some hope of Wasankar returning some of their money back to them. However, many acknowledged that Nagpur Today had revealed what was actually happening or else they would have never known what is happening and the investors would have continued to get hoodwinked by Wansakar’s cock-and-bull stories.

Sources close to the Wasankar said that he has organized a meeting for all the investors where he would apprise them of what is happening and how he aims at returning their money on May 11, 2014. However, many were skeptical if he would actually make an appearance at all.

One of the investor on condition of anonymity said that he has a brother or a brother-in-law who lives in Malaysia or Singapore who used to regularly visit Wasankar and that Wasankar is alleged to have transferred large sums of money to him.  However, there is no concrete proof of these allegations. Some of those present at the scene also added that Wasankar has sold off most of the properties that he owned in the city, and that he doesn’t have any asset which he can liquidate and return investors funds.

It was destined to happen

Nagpur Today while speaking to some experts, who informed us on condition of anonymity that this outcome of Wasankar was expected. He opined that how can money be doubled? Who gives this kind of interest which was offered by Wasankar? Which share or debentures give this much returns or profit?

What actually conspired could be that he had rotated funds from one person to another. Take funds from one give returns to another, take funds from a third to give the second and this chain went on. This went on till a time came when there was a slump in the market and no fresh money was coming in. The actual sufferers are those who invested in the recent past. Some had become members by paying nearly 2 lakhs. People had shown gullibility and he had conned investors by excellent oratory. Why don’t people learn from other’s mistakes? Haven’t Nagpur got its fair share of conmen who have duped scores of people?