The Mumbai Economic Offence Wing (EOW) is urging the investors duped by the company to enroll themselves by submitting the receipt certificate and complaint letter to them
The Securities and Exchange Board of India (SEBI) will auction seven properties, estimated to be worth Rs 282 crore, of Pancard Clubs Limited (PCL) on January 10. The assets include a four-star hotel in Thane and the company's registered office in Mumbai.
Meanwhile, the Mumbai Economic Offence Wing (EOW) is urging the investors duped by the company to enroll themselves by submitting the receipt certificate and complaint letter to them.
According to SEBI, the properties to be auctioned include a four-star hotel called Hotel United 21 in Thane, a registered office in Prabhadevi, United 21-Emerald at House no 446 in Salcete, Goa, an office at Atlanta Estate in Goregaon, five office spaces in Nerul, a row house in Versova and a plot of open land in Baner, Pune. The total worth of the properties, which will be e-auctioned, amounts to Rs 2,82,12,43,110.
Further inquiry by SEBI has also revealed that the company's Chairman and Managing Director, Sudhir Moravekar, has passed away and only five of the company's directors now remain alive to refund the duped investors through the auctioning of the properties. "We are in the process of estimating the worth of the other properties and have already frozen the bank accounts of the defaulting companies," said a senior SEBI official.
"We are recording the statements of the victims and collecting documents which were given to them as receipts acknowledging the acquiring of the holiday package schemes," said an EOW official.
ALLEGED CHEATING COMPANY
- PCL has been alleged to have been conducting business by raising public money via Cumulative Investment Schemes (CIS) by selling holiday packages without acquiring the requisite permissions from SEBI.
- SEBI had concluded that PCL was not a timeshare company but was running CIS.
- The company is alleged to have duped 50 lakh investors across the country to the tune of Rs 7,000 crore.
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