The anticipatory bail applications forwarded by 14 of the 27 accused in the multi-crore investment fraud case, involving thousands of investors from Kolhapur & Sangli districts, have been rejected by the city court.
All 14 accused are associated with AS Traders that was operated by chief promoter Lohitsingh Subhedar. In 2022, a case was registered at Shahupuri police station against 27 people for duping the investors by promising higher returns.
Initially, the early investors received handsome returns that motivated them to bring more of their relatives & friends into the investment circle. According to primary estimates, the alleged fraud amounts to between Rs 700 & Rs 800 crore.
Public prosecutor A S Pirjade said, “Most investors have invested in lakhs, while some in crores. We brought this to the notice of the court of justice S P Gondhalekar that the accused operated a large network to collect money by assuring good returns. But they failed to keep their promises. Therefore, we requested the court to decline the application.”
Since the plea has been declined, the police will make necessary arrangements to arrest them. Earlier last week, the police managed to arrest the first accused who was on the run but returned home.According to the police, most of the directors of the firm are on the run & attempts are being made to get a red corner notice issued against them to stop them from leaving the country.
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