PANAJI
The Goa Police's Economic Offences Cell (EOC) has booked the managing director of Karmabhumi Infratech Realty Manoj Kumar Saigar (Sengar) in a case of an investor scheme going rogue.
The company's Chairman Devendra Pal Singh and Regional Manager Nilesh Surve have also been booked in the case involving nearly 1,000 investors who have alleged that the company of cheating them of up to Rs seven crore.
EOC sources said the complainant in the case is its officer Sub-Inspector Parag Parekh who has stated that the Karmabhumi Infratech Reality, first opened an office in 2013 at Ponda and at Mapusa five years later in 2018.
The company enticed about 1,000 investors to invest money in two schemes -- Regular Installment Plan (RIP) and Single Installment Plan (SIP) -- offering high returns.
Around Rs 7-crore in aggregate were invested by these 1,000 people in both these schemes who were expected to be paid the maturity amount in 2019, which would have totalled to a around Rs 10 crore.
But the company shut down both the offices before the maturity date which was when the investors realised that they had been cheated. It was then that multiple of these investors filed their complaints with the EOC.
After scrutinising all these complaints from the investors PSI Parekh, on behalf of the State, registered the FIR where he outlined how the company started the investment scheme without registering with the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI).
Karmabhumi Infratech Realty Chairman Devendra Pal Singh, Managing Director Manoj Kumar Saigar. (sengar) and area manager Nilesh Surve have been named the accused with charges registered under sections 406, 420 read with section 34 of the Indian Penal Code besides sections 3 and 5 of the Goa Investors Protection Act.
