Shreesurya assets worth less than half the money lost by complainants

NAGPUR: The Economic Offences Wing (EOW) of the state police has so far found assets worth only Rs6 crore in the name of M/s Shreesurya Investment or its promoter Sameer Joshi. This is not even half the amount mentioned in complaints registered by the firm's investors till date. EOW has registered FIRs from 175 persons who had parked their funds in Shreesurya's schemes, with the total investment coming to Rs13 crore.
Joshi himself, on the other hand, has admitted to having liability of Rs 80 crore towards various individuals from whom he had collected investments for his company's schemes. The police investigation so far pegs the amount collected by Joshi at Rs 250 crore, coming from over 5,000 persons. Though it is yet to be ascertained how many of these investments have seen a default in repayment.
The cops have booked Joshi and his wife for defrauding people, but the couple has not been arrested so far. The investigators maintain that they want to build a strong case first.
"The process of registering complaints will remain open. So far around 175 persons have turned up to file reports of being duped of nearly Rs 13 crore in all. The team has come across documents related to around 25 properties, spread across the entire state. The search continues," said a source. The properties are mainly flats or plots not costing more than a few lakh each, added the source.
Even though he has failed to meet his commitment to investors, Joshi maintains that he has enough assets to liquidate and clear his dues.
The EOW has already alerted the office of the Inspector General of Registration not to register any document if Joshi company's properties are being sold. But even as the search for properties continues, the cops are not hopeful of finding much.
However, sources close to Joshi say that he may have many more properties. According to a ballpark estimate, his holdings in the city itself can be valued at over Rs12 crore. These include a 22-acre farmland on the outskirts, a commercial property and a bungalow in an upmarket residential complex, said a source privy to Joshi's affairs. Some of his investments could be in dummy names too, the source said.