Wasankar Wealth Management, a city based investment company, which has been in the eye of storm for luring investors with huge returns only to default it later, has finally caught on the police radar. The crime branch of Nagpur police on Friday has registered an FIR against its Chairman Prashant Wasankar upon the complaint of one its investor.
Vivek Ashok Pathak aged 51 yrs, an Architect by profession and Managing Director of Pathak Properties Private Limited, has lodged this complaint. Pathak who resides in Laxminagar has approached the police few days back. After probing the matter, the cops eventually registered an FIR against Wasankar Wealth Management Ltd, situated at 247, Dharampeth Layout, Hill Road, Shivaji Nagar, Nagpur.
Crime branch DCP Sunil Kolhe told Nagpur Today that they have registered a case against Wasankar on Friday. He said that they were conducting detailed investigation into the case. “All evidences are being collected against him and only after that we will arrest Wasankar,” he added.
The FIR is said to be lodged against 5 members of Wasankar’s family which includes Prashant Jaidev Wasankar, Vinay Jaidev Wasankar, Bhagyashree Wasankar, Abhijeet Jain Chaudhary, Maithilee Vinay Wasankar and Kumud Chaudhari. The FIR is also lodged against the staff members who were party to the fraud which includes Chandrakant Rai, Devdar Parwade and Khapre.
According to the Senior Police Inspector of Ambazhari Police Station PI Anil Katkhede, Wasankar had allegedly promised more interest on the deposited money and had defrauded many. He claimed that Pathak had lodged a complaint saying that the amount due to be received by Prashant Wasankar is Rs 2, 47, 36,000/-.
The Ambazhari Police has registered a case against Wasankar Wealth Management Ltd under section 420, 406, 506 & 120 (B).
Pathak who had come to the Ambazhari Police Station to make certain corrections in the FIR had said that Wasankar is such a person that he has not spared even 80 year-old retired people or those who had invested money kept for their daughter’s marriage. He is continuously hoodwinking them too.
According to Pathak, there are 7-8 complaints lodged against Wasankar in the crime branch too. The names of some of the complainants according to Pathak are Banpurkar, Agrawal, Dalal, A family under the Hindu United Family (HUF), Chaudhari and finally himself Pathak. Apart from this it is learnt that almost every day one or the other complaint is lodged against Wasankar in various police station which includes Ambazahri Police station.
Pathak claimed that he has filed a FIR against all those who had threatened him on the day when he had organized a meeting of similar victims of Wasankar near Laxminagar Water Tank. Pathak claimed that none has a right to pressurize me no to act against the person who owes me Rs 2, 47, 36,000/-. Pathak added that these people who were threatening him not to file a police complaint against Wasankar were indirectly becoming accomplices of Wasankar.
Pathak while speaking to Nagpur Today said that the Crime Branch and the police are co-operating with him. However, he said that he would like mention that the police should not give him time to file a reply to the FIR, since what happened in the case of Shree Surya should not be repeated.
Pathak also said that he also got phone calls from Securities and Exchange Board of India (SEBI) and National Stock Exchange (NSC). He said that SEBI and NSC wanted to know details of his case and as to how many cases are registered against Wasankar and details of Wasankar etc. Pathak is alleged to have directed them to get all the details from the Crime Branch of Nagpur Police.
Pathak said that Wasankar used to use a modus operandi that was so effective that any one educated or uneducated will conned and entrapped in his sweet talks.
First he used to make wide publicity with points like working exclusively in stock market, expert in stock market, doctorate in economics, 21 years of proven track records & conduct seminars and conferences etc.
Secondly he used to take money from people claiming that he is going to invest their money in stocks and debentures. However, what pains him is that it does not reflect in stock market or share market.
Third he has defrauded people under SEBI, ISC Laws.
Fourth, when time of returning the money came, he used to promptly give post-dated cheque, promissory notes etc. However, all his post-dated cheques bounced and he never used to honour his own promissory notes.
What remains to be seen is that after the time exhausts, will Wasankar be arrested? Will he too face the same consequences like Samir Joshi and Pallavi Joshi of Shree Surya Group?
Nagpur Today crime reporter spoke with the Investigation Officer PI Dani, who said that we have started the investigation. We will arrest Prashant Wasankar soon. Whatever appropriate action has to be initiated will be done at the apt time. We are conducting the investigations under the guidance of DCP Kolhe.