It is believed that one Haresh Panchal fled away with Rs30 crore of some 2,500-odd investors.
Like a pack of cards, all Ponzi schemes are toppling down one after the other. After Abhay Gandhi-led AISE Capital Management and Imtiyaz Saiyed's Imtsons Investments Ltd went bust, CG Road-based Shraddha Saburi Consultancy Private Ltd, led by one Haresh Panchal has also joined the gang. It is believed Panchal fled away with Rs30 crore of some 2,500-odd investors.
On Friday, hundreds of investors were trying to find Panchal, who is reportedly missing. Interestingly, the office of Shraddha Saburi Consultancy at 403, Tilakraj Complex at Panchavati near CG Road, was taken on rent. On Friday, the owner of the office put a notice stating that the office does not belong to Panchal.
The notice also mentions that for past few months, Panchal of Shraddha Saburi Consultancy had not paid any rent to the owner, which led him to take possession of the office, the notice on the door of Shraddha Saburi Consultancy claimed.
The notice said that the office belongs to Rohan Rajkumar Gupta. "The office was given on rent to one Harsh Panchal but as he failed to pay rent, he was asked to vacate the office. Now the possession of the office is with the owner," the notice further claimed.
The investors who were looking for Panchal said that Shraddha Saburi Consultancy is one of the Ponzi operating companies in the city. "Panchal had offered me returns at 15% per month on investments. He has also issued cheques of Rs5,000 for every month but the latest cheque bounced. Thus worried, I had come down personally to check on what is happening to the company and to my investment," said one of the investors on condition of anonymity.
Shraddha Saburi Consultancy had two directors - Haresh Panchal and Kumud Panchal. The website of the company, www.shraddhasaburi.com claims that company acts as consultant, advisor, representative, advocate, signatory, attorney, laisioner, agent, serviceman, middleman, arbitrator, conciliator, liquidator, secretary and solicitor and the list does not end here.
Like victims of other Ponzi schemes, investors of Shraddha Saburi Consultancy are also afraid of filing complaints. "I have invested more than Rs10 lakh in this scheme. Before I could recover anything, Panchal fled away," said one of the investor.
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