SM Trade aka Sri Mahakali Group aka Shree Mahakali Trade scam could exceed Rs 100 crore

THANE: According to reliable sources, the SM Trade (also known as Sri Mahakali Group aka Shree Mahakali Trade aka Kreaz Life and other names like Afflux Capital) scam could exceed Rs 100 crore as more and more complainants come forward and more skeletons tumble out of the closets of the main promoters and accused of the fraud companies. ALSO READ: Investors cheated by Sri Mahakali Group, SM Trade aka Shree Mahakali Trade aka Kreaz Life 

One estimate claimed there are allegedly more than 3 lakh victims with amounts ranging from Rs 5000 to Rs 20 lakh. However,  about 50 per cent of the victims are from neighbouring states and it is difficult for them to come to Mumbai and register their complaints as there is a cost factor involved. They had invested their money with agents representing the fake investment firms set up by Ritesh Panchal aka Ritesh Sikligar, the main accused in this case.

It is learnt that the local police in Madhya Pradesh are investigating a similar case of cheating and fraud against an investment firm floated by some individuals, which has uncanny resemblance to the names of the Thane and Mumbai-based firms of Panchal aka Sikligar. It is very possible that the same accused had floated similar fake firms in other states and used his commission agent network to collect investments from gullible persons during the lockdown. ALSO READ: Sri Mahakali Group aka SM Trade had agents in Goa, Karnataka, MP, Gujarat and UP

Sources informed us that the same promoter Ritesh Panchal aka Ritesh Sikligar in partnership with other individuals or agents had set up similar scam companies in other States including Gujarat, Madhya Pradesh and Karnataka.

While we are unable to verify these claims as there are no direct leads to the companies and the promoters are in jail, our sources told us that the agents in these states have warned the victims not to speak up or they will not get their money back if the police come into the picture. It is this fear which keeps the victims from approaching the cops, as some of them think the promoters would return at least their principal amount once they are out on bail, our source revealed.

A source who is also a victim of the SM Trade scam confided in this reporter saying that there are several lakh people who have been scammed by the fake companies run by promoter Ritesh Panchal aka Ritesh Sikligar who in turn invested the monies in real estate, particularly in plots and flats or shops whose owners were in debt and in dire need of money during the lockdown. ALSO READ: Sri Mahakali Group aka SM Trade promoter Ritesh Panchal alias Sikligar invested heavily in real estate

While the Thane cops have applied the provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act, victims are not coming forward to file complaints or record their statements as they do not want to get involved in police and court matters.

Also the general impression among the victims is that the money once lost (now that the accused are arrested) cannot be recovered and their efforts would be in vain as they presume the accused have squandered away all their money.

However, according to sources, the main accused Ritesh Panchal aka Ritesh Sikligar had purchased several properties in and around Mumbai and even in other states and these properties can be auctioned and the monies recovered by the authorities. (Read More Here)

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