Bhavishya Credit – The Business of Fraud extends to 118 Crore!


Bhavishya Credit – The Business of Fraud extends to 118 Crore!

Investors funds amounting to Rs. 50 Crore has been invested in land deals across the region, said Sanjay Shukla, one of the main accused in the infamous Bhavishya Credit fraud case.

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Bhavishya Credit – The Business of Fraud extends to 118 Crore!  

Investors funds amounting to Rs. 50 Crore has been invested in land deals across the region, said Sanjay Shukla, one of the main accused in the infamous Bhavishya Credit fraud case.

Vice President of Bhavishya, Shukla was apprehended subsequent to a Police operation, nearly a year after he absconded from Udaipur.  He is being interrogated while in custody at the Bhupalpura Police Station.

Bhavishya Credit – The Business of Fraud extends to 118 Crore!

During interrogation, he revealed that President of Bhavishya Credit Co-operative Society, Damodar Nagda had all withdrawing powers related to the investors deposits.  Shukla said that Rs 50 Crore of the invested funds had been placed in land deals across the region, including Kurabo City, Bhainsla Kala and Sagwara.

Another Rs. 28 Crore had been invested in Bharat Berwani’s Real Estate firm, which is also under the Fraud scanner.  Bharat had absconded to Dubai with the funds, after which both Nagda and Shukla had visited Bharat and took over the papers of a Jaisamand based resort, which is also under mortgage.

Shukla, after setting up Bhavishya in 2011, collected over Rs. 118 Crore from around 36,000 investors.  Of this, investors were given profit sharing of Rs. 30 Crore, apart from the investment of Rs 50 Crore in Land, Rs. 28 Crore to Bharat Bherwani and the remaining was spent in office expenses and in giving loans to investors.

Earlier, last year, when the scam was discovered, the Police had already apprehended Nagda and other employees of the society, who had placed all the blame on Shukla, post which Shukla had absconded from Udaipur.

Further interrogations and investigations are being carried out by the police.

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