Published On : Tue, May 13th, 2014

Voice rose for CBI inquiry in Wasankar’s money channels as questions raise suspicion

wasankar-wealth-management-nagpurNagpur News.

Wasankar scam is getting bigger by the day as the investors panic grew to enormous extent in the city. A section of big investors are demanding an impartial probe to the level of CBI as there’s much more than what meets the eye. “There should be a CBI inquiry conducted on the lines of probe ordered into Saradha Group financial scandal in West Bengal,” reacted an investor whose more than Rs 2 lakh is trapped into Wasankar’s luring proposal of giving interest as huge as 33 per cent.

Insiders claim that the total money at stake run into crores of rupees and the investors were clueless about any further move as Wasankar Wealth Management’s Chairman Prashant Wasankar defaulted on various occasions in the past. Sources informed Wasankar could have channelized the money collected from the investors to some other venture. “There are even strong chances he could have lost all the money,” added a source close to Wasankar.

A financial expert informed that the kind of transaction Wasankar was into certainly raises suspicion over his mode of functioning. “Either he would have place the sum in the market and ended up losing all post the market collapse or else he might have diverted it to other business venture. For all that to be confirmed, Wasankar should produce authentic documents about the flow of investors’ money.”

One of the readers of Nagpur Today has also raised question whether any financial advisor was allowed to offer interest rates as high as 60 per cent per annum. He has also pointed out towards the veracity of promissory notes issued by him as Wasankar later backed off from his own commitments. “Moreover most of the cheques he issued to the investors bounced indiscreetly,” he said.

Sources also questioned whether Wasankar had maintained any balance sheet and demanded the balance sheet should be made public. “A share broker is required to have assets to back up in case of loss. This is as per Stock Exchange and SEBI laws. What is his arrangement in this regard?”, questioned the sources.

It was also reported that huge commission was offered to the agents who brought the investors to put their money into Wasankar’s money multiplying schemes. An investor demanded that the source of the commission money should also be looked into through CBI probe.

“Wasankar took Rs 1 lakh as membership fee”

A Nagpur Today reader commented on one of the news regarding the investment glitch, questioning over the logic of charging Rs 1 lakh from the investors to invest their money through Wasankar. He posted, “What was the purpose of Wasankar taking Rs.1 lakh to be member and what services was he giving in return for that one lakh. Why should anyone give one lakh to be able to invest through him? I just cannot understand the logic. If that was his service fee then what was the offer. Is there any contract?”

Interest bearing deposit dubbed as ‘unsecured loan’

An investor asked that Wasankar has also not issued proper deposit receipts as per company laws. “If client was told it was deposit bearing interest can the amount be parked in some other head like say “unsecured Loan”?,” he asked.


(Coming Up Next…When will SEBI wake up to ponzi schemes?)