Nashik Road: The Securities and Exchange Board of India has possessed properties worth Rs. 5900 crore of Pan Card Club which duped investors across the country for lakhs of rupees. A march will be organised to SEBI’s Mumbai office to press for to return money of investors by selling these properties, informed invitee of investor action forum Vishwasrao Utagi.
The district convention of Pan Card Club investors was held at Icchamani lawns in Upnagar. He was speaking at that time. Forum president A S Pednekar, former ACP Ashok Gore, secretary V C Berde, V P Gosavi, C A More, M N Lavangare, R D Metkar and others were present.
Utagi further said that around 51 lakh people across the country invested their money into Pan Card Club company. 27 lakh investors are from Maharashtra and 3 lakh investors are from Nashik district. Their amount worth Rs. 7035 crore is stuck. Luring to return double amount in three years and three fold amount in six years, the Pan Card Club company duped lakhs of investors in the country. It returned Rs. 2700 crore to 14 lakh investors in 17 years, but since last three years it has not return money of lakhs of investors.