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Mumbai-based Pancard Clubs Limited duped over 50L investors: Economic Offence Wing

The company was running two holiday package schemes namely Panoramic Holidays and Magic Holidays. Panoramic Universal Limited is a small company in which the six directors have 74 per cent shares

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The Mumbai Economic Offence Wing (EOW), while probing the alleged case of cheating against the Pancard Clubs Limited (PCL), has come across two schemes which allegedly duped over 50 lakh investors from across the country to the tune of Rs 7,000 crore. The EOW had registered a case of cheating against six of the company's directors and have now identified 45 properties of the company.

According to EOW, a case of cheating has been registered under the Indian Penal Code and Maharashtra Protection of Interest of Depositors Act against Sudhir Morvekar, Shobha Barde, Usha Tari, Manish Gandhi, Chandrasen Bhise and Ramchandran Ramkrishnan.

The case was registered by EOW after an FIR was filed by Narendra Otavkar, 42, a Parel resident, at Dadar police station on July 2.

The Security Exchange Board of India (SEBI) found that PCL was running a Cumulative Investment Scheme (CIS) and had asked the company to shut down its business. The company challenged the order in Securities Appellate Tribunal (SAT) but SEBI's order was upheld.

"The company was running two holiday package schemes namely Panoramic Holidays and Magic Holidays. Panoramic Universal Limited is a small company in which the six directors have 74 per cent shares. Investors were asked to purchase the holiday package and were offered returns in case the package was not used. A probe by SEBI concluded that only 1 per cent of investors had used the facility and the company was instead running a CIS without any permissions," said a senior EOW official. 

"So far we have been approached by 80 investors and the cheating amount has reached Rs 70 lakh. We are collecting documents from the victims and have begun our probe," added the official.

Otavkar told DNA, "I had purchased two schemes of Rs 6,000 each and was offered Rs 1 lakh after 15 years. Now I have to wait till the judiciary takes its own time for my money to be returned."

Meanwhile, a senior official from SEBI said, "Seven properties of the company worth Rs 250 crore including the registered office at Dadar and a bungalow in Versova are going under the hammer on January 10. The process of attaching other properties is under process."

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