------------------------------------------------------------------------------ Documented by Goa Desc Resource Centre Ph:2252660 Website: www.goadesc.org Email: [EMAIL PROTECTED] Press Clippings on the web: http://www.goadesc.org/mem/ ------------------------------------------------------------------------------ ---------------------------------------- Cops seal Kalpavriksha offices ---------------------------------------- The Economic Offences Cell at the Goa police headquarters yesterday sealed the remaining offices of Kalpavriksha Marketing Pvt Ltd in Goa and seized some vital documents, officials said.
The company has duped over 45,000 investors in state to the tune of Rs 10 crore, the officials said. The Cell has already frozen the accounts of the company in various banks in state under the leadership of the police inspector, Mr S Y N Gaonkar.
The Cell had registered a case against the marketing company on December 26, 2003, upon a complaint by a resident of St Cruz, Mr Manuel Correia, for allegedly cheating him to the tune of Rs 34,650.
The officials of Economic Offences Cell swung into action and sealed all the premises in Vasco, Mapusa, Margao, Ponda and Panaji. They have taken into possession the ownership documents of all the above branches, except Panaji, located at City Centre.
The Cell has registered an offence under Sections 406, 420 read with 34 of the Indian Penal Code and Section 5 of the Goa Protection of Interests of Depositors (in financial establishments) Act 1999.
The company was offering lucrative schemes and incentives for the investors besides fat salaries to staff. The company was offering 18-20 per cent rate of interest to the investors on deposits and 8 per cent rate of interest to agents, field staff, agents, organisers, special organisers, inspectors, zonal officers and regional officers.
The company has a registered office located at 703, Dharmanand Towers, opposite Prashant Cinema house, Thana West, Mumbai with its head office at Kalpavriksha Tower, near Dhagdi Shala, Sharayee, Thana, Mumbai.
Besides accepting money from the investors, the company was also involved in marketing consumer products like tea, turmeric powder, masala packets, pickles, soaps and household utensils. Besides, the company has its own super markets in Davengere, Belgaum and Sawantwadi.
The chairman and founder of the company, Mr Umesh Khade and the directors Messrs Santosh Pawaskar, Shantaram Palekar, Prince Madwekar, Nilesh Bagwa, Swarna Patel and Swarna Surve are all absconding. Santosh Surve, one of the directors committed suicide along with his wife, Sanjana Surve at Thane, recently.
The company which has 69 branches in the country in states of Maharashtra, Goa, Gujarat, Karnataka, Uttar Pradesh, Rajasthan and Madhya Pradesh was established on August 13, 1998 under the Companies Act 1956. ------------------------------------------------ The Navhind Times 23/1/04 page 1 ------------------------------------------------
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