Published On : Tue, Nov 26th, 2013

Wasankar Scam : Investors panic as promise of high return turns fake; CM’s intervention urged

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Nagpur News: After EOW has arrested directors of ‘Shreesurya Group’ under charges of cheating  over 10,000 investors from farm crisis hit Vidarbha and Marathwada,  luring them with towering return. The ponzi schemes by this group turned out to be fraud as the investors are now running from pillar to post to their money back. The same fate appears to be in the offing for one such company Wasankar Wealth Management being run by Dr. Prashant Wasankar here.

Wasankar gave post dated cheques

It surfaced that Wasankar Wealth Management company has eroded the hard earn money of  over 2000 innocent  people by offering them quantum hike in their sum within short span of time.  The documents in possession of Nagpur Today showed that Wasankar charged huge amount membership as much as Rs. 1 lakh per annum and collected over Rs 2000 crore. He assured the depositors by giving them post dated cheques offering around 30% interest on deposit. A source close to the organization revealed, “Forget the interest, now investors are finding it tough to get back their own money back.”

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CM urged to interfere

Kishore Tiwari of  Vidarbha Janandolan  Samiti (VJAS) informed that Maharashtra Chief Minister Prathiraj Chavan has been urged to initiate the action against  Wasankar Group promoters under Maharashtra protection of investors deposit act 1999 (MPID) in order to save these investors. In a press release Tiwari said, “The greed of higher return is leading to victimization of innocent. Most of the investors are middle class pensioners. Hence we are urging CM to have urgent intervention to get these pensioners their actual sum atleast. We have received many complaints about Dr. Prashant Wasankar denying pay back, citing financial crisis.”

Tiwari insisted that the state should give him financial bailout package as all illegal activities of Wasankar was promoted and protected by babus, police and other hostile pillars of democracy.

Expanded to Australia, Singapore

In a letter to CM Tiwari said that Dr. Prashant Wasankar  has been working in Nagpur as sub-broker of BSE-NSE capital market since last 23 years. He has earned the confidence of investors to larger extent and has been writing in local newspapers on wealth creation solutions. He managed to arrange investors meet in all metros of India and abroad and also having active operation in Australia and Singapore but his real activities of  running fishy and illegal deposits schemes offering unbelievable interest rates were reported in February this year.

When Shreesurya scam was exposed first by Nagpur Today, cracks started appearing in the trust that people had in Wasankar. Since then, panic grew large among investors who lined up to get their money back. It was then that investors realized they have been dumped and cheated by fraudulent misleading investment advices given by Dr.Prashant Wasankar.  Eventually, hordes of investors approached VJAS to  get back their hard earned money back.

Promissory notes, cheques point dubious detail

VJAS has also attached promissory notes and cheques given by Wasankar and also the interest chart signed by himself. This also proposed the schemes that offer to double the money within 30 months along with  a membership proposal that required the people to deposit 1 lakh rupees. Later, Dr.Prashant Wasankar failed to return the money.  He has been asking the investors to wait citing recession in share market while the gullible investors keep visiting the office of  Wasankar Group. In the letter to the Chief Minister,  VJAS has drawn the attention of administration that all deposits collected by Wasankar’s company are illegal and has no legitimate status where as he has been fully protected by local Police Authorities, SEBI, RBI, Govt. of Maharashtra etc. The pattern of functioning of Wasankar Wealth Management Group  is nothing but money laundering activities and it has international network too, Tiwari  alleged.

Wasankar’s bankruptcy reported earlier

Recently the alleged  illegal activities and bankruptcy  of Wasankar group was reported in electronic and print media but administration and police turned blind eye that time too. But now investors are gathering before the office of Wasankar Group  and crying for money. However they are finding themselves helpless as administration is yet to take the matter seriously.

Authorities must act before it’s too late

Sameer Joshi has duped innocent investors of around Rs.240 crore earlier. Pramod Agarwal through his dubious money doubling scheme duped thousands of investors to tune  of Rs 100 crore on the name of Mahadev Land Developers and  Ullas Khaire had dumped  around 1 lakh people of Rs 1,100 crore and now this Wasankar Group  likely to repeat the same story. “Hence we are urging CM to initiate action under  Maharashtra protection of investors deposit act 1999 (MPID)  against  Wasankar Group  Promoters so that innocent investors hard earned money is protected,” Kishore Tiwari added.

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– Rajeev Kushwaha | Email –