Published On : Thu, Jul 14th, 2016

Wasankar’s bail plea rejected

File Pic

File Pic

Nagpur: The MPID court on Wednesday rejected the bail application of Prashant Wasankar, accused of running various Ponzi schemes under umbrella of ‘Wasankar Wealth Management Limited’ to allegedly dupe thousands of depositors. This is for fourth time that his bail plea was rejected. The case was listed before fourth MPID judge Salman Azmi.

Kingpin Wasankar, brother Vinay and brother-in-law Abhijeet Chaudhary, are behind bars since July 27, 2014, when they were arrested for first time after complaints from scores of aggrieved depositors. Pegged as one of the biggest such schemes in Maharashtra, the amount involved is believed to be over Rs1,500 crore with more than 5,000 depositors falling prey to the trap for getting easy money. The first complaint was lodged by builder Vivek Pathak and others followed the suit.

The trio was accused of allegedly duping thousands of gullible depositors after promising astronomical returns ranging from 24%-75%. Wasankar’s wife Bhagyashree, brother’s wife Mithila, Chaudhari’s wife Kumud, along with employees — Chandrakant Rai, Deodutt Kardale and Khapre, were made accused in the FIR lodged under Sections 420, 406, 506, 120 (B) of IPC and Section 3 of MPID Act.