Shreesurya Group's director held for alleged investment scam

NAGPUR: Shreesurya Group's director Pallavi Joshi, the wife of the group chairman Samir Joshi who was arrested in connection with an alleged multi-crore investment scam, surrendered before a local court here today.

Alleged Ponzi schemes floated by the couple left scores of gullible investors in a quandary after the Shreesurya Group collected funds from investors including senior citizens and retired government employees, guaranteeing them double the returns on their investments, in a couple of years.

Samir Joshi, kingpin of the alleged scam, was arrested by the Economic Offences Wing of the crime branch last week, the police said.

His wife, Pallavi finally surrendered before the court this afternoon, after her anticipatory bail was rejected by the High Court, which has remanded her to judicial custody for 15 days.

Meanwhile, the police took Samir Joshi to Anjangaon Surji in Amravati district today in order to find out the scam's links with a self-styled godman there, who happens to be a former office-bearer of the Vishwa Hindu Parishad.

It has been alleged that Samir, who is a disciple of the godman, floated the Ponzi schemes on his advice.

The schemes went on for seven years and investors received regular returns, but suddenly the company began defaulting on payments to investors from April this year, the police said.