Duped investors on Saturday knocked at the door of the Economics Offences Wing (EOW) of the Crime Branch against Pune-based Sai Prasad Group of Companies, a money collection firm, accusing it of a fraud of `100 crore. According to sources, the company has duped `2,500 crore from investors by opening offices in 22 States, out of which it has cheated `100 crore in Odisha only.
In January this year, the Mumbai police had arrested company MD Shashank Bhapkar (26). His parents Balasaheb Bhapkar and Vanadana Bhapkar were also arrested in connection with a case of cheating and fraud registered by the Securities and Exchange Board of India (SEBI).
Meanwhile, after getting the complaint, EOW sleuths started investigation into the case. With the help of its agents, the company used to lure investors by offering 12 per cent to 18 per cent returns, over and above land parcels as security.