February 7, 2018

The unit 9 of EOW arrested managing director Devidas Sajnani and two directors Keshav Iddya and Marcos Thorat

MUMBAI: The economic offences wing (EOW) of the city police on Tuesday arrested the managing director and two directors of Temple Rose Real Estate Pvt Limited (TRREPL) in a Rs 400 crore ponzi scheme. Nearly 12,000 investors from Mumbai, Pune, Hyderabad and Kerala have been duped in the case.

The unit 9 of EOW arrested managing director Devidas Sajnani and two directors Keshav Iddya and Marcos Thorat. The three accused who were booked for cheating, forgery, criminal intimidation and provisions of the Maharashtra Protection of Interest of Depositors Act. Investigating officer Mahesh Kale said that the three accused were produced before a court, which remanded them in police custody till February 9.

All the three were arrested after the Bombay high court last week rejected their anticipatory bail petitions. They were in the custody of Pune police for similar offences committed there. The police are on the lookout for Sajnani’s wife Vanita and their daughter who too are directors in the company.

The EOW has filed an FIR against Temple Rose that has offices at Parasmani Tower in Dadar (E) and Pune. According to the police, the firm lured people to invest money in properties. The accused induced investors by showing them properties in Shahapur, Murbad and Karjat and saying that they would get 25% returns annually. They promised to double moeny in four years. The accused even issued documents showing ownership of land as surety,’’ said a senior police officer of EOW.

The police said that the company launched the scheme in 2007-2008 and initially paid good returns. In 2015, it went bankrupt and stopped paying returns and profits to investors. The police said that they have already attached the company’s land in Karjat, Shahapur and Murbad adding up to 1,100 acres.

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Source: realty.economictimes.indiatimes.com