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THE LOSER ON DALAL STREET
* Sources say that Raikar floated the illegal FD schemes in 2013-2014, a time when he began losing money in the share market
* Money collected by the company through illegal FD schemes was used to fuel Raikar’s transactions in share market
* Raikar first lost Rs 2 crore in 2014 and then Rs 4 crore, which were invested to recover the initial losses
* Since then, he had taken over Rs 8.5 crore loans from four banks in order to repay investors’ dues
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IN GOOD DAYS HIS CO
WAS WORTH RS 700 CR
It is believed that in the years prior to his downfall through share trading, Raikar’s Kamakshi Forex Pvt Ltd had an average annual turnover of around Rs 700 crores
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See related report on pg 5
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PANAJI: Kamaxi Forex Pvt Ltd owner Nilesh Raikar (43) surrendered before the Economic Offence Cell of Goa Police at around 11.30 am on Friday. Accused of duping scores of depositors in his company to the tune of crores of rupees, Raikar finally gave in a few days after a lookout notice was issued against him and his family by the EOC. He was subsequently placed under arrest after he confessed to his involvement in the financial scam.
Raikar has been accused of duping 412 people by floating Fixed Deposit (FD) schemes and accepting around Rs 28.54 crore so far.
Confirming his surrender and subsequenst arrest, SP (EOC, Special Branch and ATS) Priyanka Kashyap stated, “EOC has arrested Raikar after he surrendered and he will be produced before Judicial Magistrate First Class, Margao on Saturday for the first remand. We will seek maximum police custody.”
According to SP Kashyap, EOC has frozen 52 bank accounts operated by Raikar and his company. "We are going through a lot of paperwork and are in the process of gathering evidence so that we can make a case for prosecution.”
She informed that Raikar is believed to have resided at Kamakshi Temple, Shiroda in Ponda taluka since April 10 along with his family.
When asked whether his family, including his wife, mother and three-month old daughter have been located, SP Kashyap said, “We are hopeful of locating them soon.”
Sources, however, have disclosed that the family is expected to report to EOC on Saturday.
It is learnt that Raikar paid a day-long visit to Mumbai on April 20 to collect documents pertaining to his share trading and other share market transactions wherein he lost crores of rupees through personal accounts.
Highly placed sources stated that Raikar floated the illegal FD schemes in 2013-2014, around the time when he began losing a lot of money in the share market. The money gathered by the company through illegal FD schemes was used to fuel Raikar’s transactions in share market, it was informed.
“Raikar first lost Rs 2 crore in 2014 and then Rs 4 crore, which were invested to recover the initial losses. Since then, he has taken over Rs 8.5 crore loans from four banks in order to repay investors’ dues,’ said the source.
It has come to light that Raikar borrowed around Rs three crore as late as on March 31 in order to repay people who had invested in his FD scheme.
