With the arrest of Prashant Wasankar, his brother and brother-in-law on Sunday, sun has finally set on yet another state-wide dubious network of ponzi schemes run by Wasankar Wealth Management. However the deliberate delay in police action has raised suspicion pointing to the big connection being played up from behind.
Insiders revealed that the higher authorities were initially reluctant to arrest Wasankar after a highly ranked politician from Nagpur intervened in the matter. According to the information, one of the big ticket investors who had put around Rs 2.75 crores in various ponzi schemes of Wasankar has taken up the cudgels against Wasankar and bounced back with a fresh police complaint, followed by some more complainants coming forward.
Experiencing the heat, Wasankar reportedly approached the said political leader having strong hold, to quench the matter. Later, the said big investor was called up at the politician’s place where the leader mediated to sort out the issue. Reliable sources claimed that Wasankar had agreed to pay back the amount to the concerned investor by July 25. The said leader also consented to Wasankar’s commitment while the concerned investor nodded to keep shut till this date.
Meanwhile, Nagpur Today kept a close watch over the entire development that saw deliberate attempt from higher-ups in the police department to evade the arrest.
Nagpur Today also tried to know the reason behind the remarkable inaction from the police’s side, to which Commissioner of Police KK Pathak has replied that the cops were trying to find the way out to let investors get back their money. Then, Pathak clearly maintained that the cops were not interested in arresting Wasankar as this would not be the feasible solution to the problem.
Later in a surprise development, police suddenly cracked down at Wasankar’s house and arrested all the three including prime accused Prashant Wasankar. Sources revealed that since Wasankar failed to meet his commitment to pay back to the concerned investor by the promised date of July 25, the concerned leader also stepped back, paving the way for police to take immediate action.
It may be mentioned that hordes of gullible investors have put their hard earned money into the money multiplying ponzi schemes of Wasanakar Wealth Management, leading to the total default. The company chairman Prashant Wasankar had promised them return as high as 40% that lured the investors into falling prey to the dubious offer.
Problem started when number of cheques issued by Wasankar bounced for the lack of funds. When the investors kept lining up at his office without any yield, suspicion erupted on Wasankar. Over 20 investors had lodged the complaint at Ambazari police station. Eventually the matter was handed over to EOW which has been juggling through the documents pertaining to the company’s properties for more than a month.
Police sources said details are being looked into and more arrest can happen in near future. The officials are further investigating the matter.