Cattleheads belonging to Raviraj  Investment to be auctioned

Source: The Hitavada      Date: 27 Oct 2018 10:43:25


 

Staff Reporter,

Competent Authority on Friday issued an order to auction a total of 56 cattleheads belonging to Rajesh Suresh Joshi, Director of Raviraj Investment and Strategies, who was booked under Maharashtra Protection of Interest of Depositors (MPID) Act in the year 2014 for defrauding investors to the tune of Rs 4.56 crore.

In an order issued by Shirish Pande, Competent Authority, stated that the assets belonging to Joshi would be ready to auction under Section 8 of MPID Act. The auction will be held at Tondakhairi village in Kalmeshwar tehsil on November 2, 2018 and at Borgaon village in Kondhali tehsil on November 3, 2018 at 12 noon.

On the basis of complaint lodged by Vijay Waman Marathe (48), a resident of Vikas Nagar, Wardha Road and three others, Dhantoli police had booked Rajesh Joshi along with wife Radha and Surekha Joshi, Sarita Joshi, Sharad Joshi and four other agents for the fraud of Rs 2.83 crore in July 2014. As the number of complaints increased, the amount rose to Rs 4.56 crore.

According to aggrieved investors, Rajesh Joshi had started Raviraj Investment and Strategy Company in 2008 in Deo Nagar behind Saibaba Temple. Raviraj Group sought investments in the name of Raviraj Investment and Strategy Company. Mostly senior citizens were targeted with a promise of unbelievable returns in two-and-a-half-year and close to 350-400 investors were persuaded to park their retirement money with the group. Raviraj Group floated a fraudulent but quite attractive model of investment assuring very quick returns on investment and by a word of mouth hundreds of middle-class people parked their money with them.

Initially, the interest was paid and default started once similar schemes floated by other operators came crashing down. When the investors approached the company after completion of the period, the accused sought further extension of time period. However, the accused fled from the city without paying the amount. The accused were booked under sections 420, 406, 120 (A) of IPC read with section 3 of Investor Protection Act, 1999.