SIES ₹58 Crore Cheating Case: Trial Stalled As Original FIR Goes Missing, Court Issues Notice To Investigating Officer

Mumbai: The metropolitan magistrate's court, Esplanade, recently began a trial, in connection with the cheating of the South Indian Education Society (SIES) trust to the tune of Rs 58 crores in 2014, only to find that the original copy of the FIR is not traceable since 2022.

The trust had in July 2014, noticed that the funds to the tune of Rs 58 crores kept in fixed deposits were siphoned off and subsequently diverted to other accounts. This revelation by the trust, led the economic offences wing ( EOW) of the crime branch to a group which had cheated several other trusts and institutions.

The EOW after the probe had filed a case against six accused in September 2014, namely, Anil Pawar, Mohammad Fasiuddin, Roy Thomas, Rameshchandra Purohit, Santosh Gadage and Anupam Thakur.

The prosecution had, after eight years, examined its first witness, Ganesh Shankaran, a trustee, on June 20, 2022. However, nothing moved for over three years, as the prosecution kept seeking adjournment on the ground of verification of certain documents.

On February 14, the prosecution resumed to examine Shankaran. It was during the testimony, the court realised that the original FIR was not on the records. Hence the case was adjourned to March 13 with direction to the prosecution to locate the same.

On March 13, when the case came up for hearing, the public prosecutor was not available. Hence the court issued notice to the investigating officer for documents. The case was further adjourned to June 18. Again on June 18, neither the public prosecutor nor the investigating officer turned up. Hence, the court has issued fresh notice returnable on August 5.

Meanwhile, Shankaran has in his testimony said that, "Pawar approached our office of South Indian Education Society in the month of December-2013 or January-2014. He introduced himself as a investment consultant from India Infoline Private Limited."

Pawar reportedly said that he can advise the trust on bulk deposits with scheduled nationalised banks on a commission basis. "He promised us one percent of the amount deposited as donation will be given by him to our organization. Accordingly we deposited Rs.58 crores approximately in seven scheduled nationalized banks," Shankaran said.

He further said, in the middle of May-2014, Bank of India officials visited the Trust office and inquired if the trust had opted for any overdraft facility against the fixed deposits placed with their bank. The trustee said that they denied taking any overdraft facility following which the bank officers produced certain documents for verification of the trustees' signatures.

Shankaran told the court that the signatures of the trustees on the documents were forged. He said that the trust officers later visited all the banks and found that overdraft facilities were taken and all the funds had been siphoned off.

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"Union Bank of India and Punjab and Sindh Bank returned our money within a short period. But the other banks refused to return back our money saying that we have taken the overdraft facility. We immediately lodged written report to the Matunga police who in turn directed us to go to EOW where a report was lodged against the five banks for fraud committed on our fixed deposits," Shankaran told the court.