Pune: Zen Money Plant Director Arrested For Cheating Investors Of Rs 11 Crore
Koregaon Park, 25th March 2022: Pune city police has registered an FIR against six persons including two directors of Zen Money Plant for allegedly duping 21 investors of Rs 11.26 crore under the pretext of a 36% annual return on investment. They had also promised to refund the invested amount within 18 months.
Based on the complaint from one of the investors, an FIR was registered on March 23 at Koregaon Park police station. Those booked by the police are company’s directors Natarajan Balasubramaniam and Sharon Nadan along with Mukesh Gaba, Poonam Bhalerao, Hiren Vasani and Nazia Tamboli. Balasubramaniam and Bhaleraon have been arrested.
According to police, the incident took place from July 2, 2020, to October 12, 2021, at the Zen Money Plant’s office in Koregaon Park. Balasubramaniam and Nadan conspired with the other accused to dupe the investors. They had promised to pay back 36% per annum and 2, 3, 4, 5 per cent monthly on the amount invested and to repay the principal amount in 18 months.
The investors were given notarized affidavits, investment receipts, account opening forms, security cheques for the amount invested. However, when they did not get the amount, they filed a complaint with the police. Many investors are members of Osho Ashram in Koregaon Park and hail from Germany and France.
The case is being investigated by the economic offences wing (EOW) of the Crime Branch.
