Nagpur bench of Bombay High Court, on Wednesday, rejected bail application of Joshi. He was however, granted liberty to reapproach again after six months, if his trial was not concluded in this period.
On complaint of Govind More and other investors, the petitioner along with his wife and few agents were arrested for allegedly duping lakhs of gullible investors, under the name of various schemes.
The Shreesurya Group allegedly collected funds from over 5,000 investors, many of them senior citizens, and guaranteed to double the amount invested in a couple of years. The schemes busted after the group failed to pay returns to investors in 2013. As a result of many complaints, including that in Pune, Amravati and Akola, the Joshi couple was arrested by the Economic Offences wing (EOW).
The aggrieved investors under ‘Shreesurya Pidit Thevidar Kruti Samiti’ had also filed another petition through its secretary Shriram Dagwar. Petitioner’s counsel Anil Kilor informed that though Economic Offences Wing (EOW) of police seized as many as 57 bank accounts of the group, the total amount lying in all them didn’t exceed Rs5.57 lakh.
According to the prosecution, the EOW seized 32 properties belonging to Joshi. and roped in chartered accountants to examine the accounts and trail of the money which was withdrawn before the offences could be registered.
Both Joshi and his wife believed to have either withdrawn or transferred crores from these accounts, a month before the offence was registered against them and they were put behind bars. Daily, some amount in denomination of Rs15 lakh to Rs1 crore was transferred to other accounts or withdrawn. Statements of at least three accounts revealed that the couple had transferred entire amount in just a month.