Sri Mahakali Group aka SM Trade aka Shree Mahakali Trade aka Kreaz Life promoter Ritesh Panchal aka Ritesh Sikligar invested heavily in real estate

THANE: According to sources, SM Trade (also known as Sri Mahakali Group aka Shree Mahakali Trade aka Kreaz Life and other names like Afflux Capital) promoter Ritesh Panchal aka Ritesh Sikligar invested heavily in real estate, particularly in plots and flats or shops whose owners were in debt and in dire need of money. ALSO READ: Investors cheated by Sri Mahakali Group, SM Trade aka Shree Mahakali Trade aka Kreaz Life 

Panchal alias Sikligar was always on the look-out for distress sale properties, flats, shops, tenements and even shanties, whose owners were in huge debts during the Covid pandemic, a real estate broker from Thane told this reporter. ALSO READ: Hundreds of Goans in Mumbai, Thane, Vashi and Pune could have lost their “investment” as cops register FIRs against fake firm Sri Mahakali Group

According to the estate agent, during the Covid pandemic, several people lost their jobs and livelihood. Businesses were shut down. Further, many families saw 2-3 persons falling very ill and requiring hospitalization, thus incurring huge debts and medical bills that needed to be paid urgently. ALSO READ: Sri Mahakali Group aka SM Trade had agents in Goa, Karnataka, MP, Gujarat and UP

Such families or persons sold off their properties,  shops and plots at highly discounted rates as the real estate market was at an all-time low during the pandemic period. ALSO READ: Cops register FIR against Sri Mahakali Group for illegal crypto-currency schemes

Panchal alias Sikligar used to buy such distress sale properties in cash for 30 to 40 percent lower than the prevalent rate as the owners did not want any hassles and required cash urgently, the agent informed us. He gave the owners only half the market rate that too in cash, but the owners took it happily as they did not have to pay tax on the sale, the source claimed, adding that Panchal must have invested nearly Rs 3 crore into real estate distress sale/purchase during 2020 and 2021. ALSO READ: Hundreds of Goans in Mumbai, Thane, Vashi and Pune could have lost their “investment” as cops register FIRs against fake firm Sri Mahakali Group

Last week, the Thane police registered a First Information Report (FIR) against a Ponzi investment firm Sri Mahakali Group of Companies at the Shree Nagar police station for fraudulent investment schemes prohibited by law, offering unreasonable returns and promise to double or triple the investment within few months. ALSO READ: Singer Rahul Jain rape case: Cops launch manhunt for absconding music director

Another group firm promoted by the same individuals called Afflux Capital was also named in another FIR registered at the Naupada police Station. Police have arrested two persons – Panchal aka Sikligar and one Milind aka Mohan Patil, who was organizing seminars and meetings to lure investors. (Read More Here)

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