Nagpur Today : Nagpur News
The sprawling two-storied bungalow the Joshis owned in Deo Nagar is already sold, said some unconfirmed sources. The two vehicles Ford Figo and Volkswagon too are not to be seen. A notice is placed on the gate and on the fencing wall that states that Rajesh has absconded for the past 17 days and all those who have any complaints against him should make it at Dhantoli Police Station.
Nagpur News
Nagpur City has again been rocked by another investment scam. A can of worms pertaining to investment scams has got opened afresh and an evil worm has come out in open. This time the worm has been identified as Raviraj Group but the story is same. Like all Ponzi schemes, Raviraj Group allegedly promised astronomical returns in fanciful but fraudulent investments. Hundreds of investors have reportedly been lured and duped. The investors have parked their money in the range of Rs 100-150 crore. The Group, following the muddy steps of scamster groups – Shreesurya and Wasankar and many other such scandalous companies — allegedly defaulted on many payments and thus left the investors high and dry.
The scamster firm, Raviraj Group, is being managed by a couple Rajesh and Radha Joshi. In fact, both Rajesh and Radha, Suresh Gangadhar Joshi, Vyankatesh Acharya and Girish Deshpande run 30 companies like Raviraj Investment and Strategy Company, M/s Raviraj Infrastructure, Raviraj Computech, Raviraj Capital Solutions, and Raviraj Centre for Social Reconstruction. However, the investment deposits were sought in the name of Raviraj Investment and Strategy Company. Both Rajesh and Radha Joshi are absconding since the past 17 days and the Crime Branch of Nagpur Police have launched a hunt to trace them. The sprawling two-storied bungalow that he had owned in Deo-Nagar is already sold, said some unconfirmed sources. He has alleged vanished with his old parents, wife and children. The two vehicles Ford Figo and Volkswagon too are not to be seen. A notice is placed on the gate and on the fencing wall that states that Rajesh has absconded for the past 15 days and all those who have any complaints against him should make it at Dhantoli Police Station.
According to sources, out of the 30 companies, Rajesh Joshi was Director in 14 companies while his wife Radha was Director of 5 companies. Rajesh’s father Suresh handled 3 companies as Director. Similarly, Vyankatesh Acharya was Director of one company and Girish Deshpande of 7 companies. The highly-educated Rajesh Joshi opened the Raviraj Investment and Strategy Company four years ago in Deo Nagar behind Saibaba Temple. Sources further said that Rajesh Joshi lured the investors, mostly senior citizens, with a promise of unbelievable returns in two and half years. The trickster reportedly looted more than 400 investors of their deposits to the tune of Rs 100-150 crore.
The investment scam got exposed when some of the investors, who were dashing to the office of the Group to recover the promised money for the past many days, crashed into Dhantoli police station with a common complaint. The investors submitted an application mentioning that the Group accepted deposits by assuring to double the amount in two-and-a-half years.
The investors, on the condition not to make their names public, told Nagpur Today the said company had floated a scheme promising to double their money in two-and-a-half years with a choice to get money on monthly and yearly basis. It was smooth sailing in the initial days, but the company started showing its true colours later and defaulted. Rajesh Joshi and his family reportedly fled the city with a big, big lock at the company. Sources said Rajesh, along with family, is living in Mumbai at his uncle Sharad Joshi’s house. The role of Sharad Joshi in the scam is also under shadow.
Initially, the investigation into the alleged scam was being carried out by Dhantoli Police but with the enormity of amount involved, the probe has been handed over to Economic Offences Wing (EOW) of Crime Branch. According to reports, Rajesh Joshi has done MTech in Textiles. In fact, all the members of his family are well-educated. His father Suresh Joshi was a high-ranking official in Agriculture Department. Rajesh had started farming of roses on Amravati Road as well as silk and milk business. He has also purchased a large chunk of land. The scamster, after doing some small-big jobs, laid the base of Raviraj Investment and Strategy Company.
According to the investors and sources, the company has trapped around 400 persons. The minimum deposit accepted was pegged at Rs 5 lakh but some “greedy” had parked as much as Rs 2-3 crore. Since many of them had invested cash, and so were hesitating in coming out openly against Joshi, said the sources. While the cases of Wasankar Wealth Management and Shreesurya are still being scanned by police, the situation for panicky investors turns out to be dark with chances of recovery of their invested money bleak.
Sources further said that Joshi claimed to invest the funds collected from the public in stock market as well as mining and infrastructure businesses. An investor, who deposited the minimum Rs 1.55 lakh, used to get a return of 5,000 per month for two years. The funds accepted from the investors were termed as loans and the investors were handed over promissory notes indicating the date of repayment and rate of interest, the same modus operandi was adopted by Wasankar Wealth Management and Shreesurya Group to dupe the investors. However, Joshi is reported to have started defaulting over the past few months and has been missing from the office. The investors said Joshi and his staff always maintained that the funds collected from them were invested into stock markets, infrastructure and mining businesses but they were never briefed about the businesses, nor were they sent any documents such as an annual report pertaining to the Raviraj Group.
The slew of investment scams, for sure, point out one fact ominously: The looting of Nagpur citizens has been going on for years together unchallenged. The foolish citizens, with greed for easy money at top of their scheme of things, have been losing hard-earned money (and black money, too) also for years together. But unfortunately, no lessons are being learnt by the citizens in general and greedy and foolish investors in particular.
Raviraj Group swallows investors’ deposits in crores, police hunt absconding Joshi couple?