Cheating case: Now, Samruddha CMD Mahesh Motewar arrested

MAHESH Motewar, the chairman and managing director of controversial multi-crore collective investment scheme company, Samruddha Jeevan Foods, was detained from the city on Monday morning by the Osmanabad police and later arrested in the evening, in connection with a case of cheating registered in 2012, in which he was already declared an absconder about a week ago. The name of the company had hit the headlines in 2013, after the Securities and Exchange Board of India (SEBI) had barred the directors of the company, which is headquartered in Shivajinagar here, from raising money from its investors. The company had been collecting money from small investors, majority of whom are from rural and semi-urban areas, with promises of huge returns from cattle and goat farms. SEBI board had found that besides facing several allegations of illegal practices, the company was running the scheme without a proper approval which was mandatory. Last month, an offence was registered against its four directors, including Motewar, at the Deccan police station in the city. The case in which he was arrested on Monday, was registered at Murum police station in Osmanabad district. As per the information given by officers from the police station, two persons —Shivchandra Revte and Tatyasaheb Shivgaunda — owned a company in partnership in Umarga, Osmanabad. The duo later split due to dispute. It has been alleged by Shivgaunda in a complaint which he filed in the Umarga court, that Revte “fraudulently” sold the company to Motewar around 2010. Based on court’s order in the case, an offence was registered in 2012 and in a chargesheet that the police filed in 2013, Motewar was named as offender. He was declared an absconder in the case in November this year. Abhishek Trimuke, the superintendent of police of Osmanabad district, said, “Motewar was declared an absconder and as a next logical step he was detained in Pune on Monday morning and was later brought to Osmanabad. He was put on formal arrest in the evening. He will be produced before the court on Tuesday.” Motewar had obtained an anticipatory bail in connection with the case registered at the Deccan Gymkhana police station and had been coming to the office of Economic Offences Wing (EOW) of Pune city police for reporting according to the conditions of the bail. He was picked up by the Osmanabad police on Monday morning from outside the office of EOW. The Pune EOW has set up a Special Investigation Team (SIT) headed by a police inspector rank officer to probe the transactions of the Samruddha Jeevan Foods. Kirit Somaiya, a BJP MP, who has been vocal about the alleged financial malpractices of the company, said, “The company is involved in a huge scam of over Rs 2,9000000000, where the hard-earned money of small investors has been siphoned off. I had given all the details of this scam to the earlier government, but the leaders turned a blind eye. I must congratulate the Osmanabad police and state government for this action. We would fight the case till those who have committed the crime are brought to justice.”