Soundcraft Industries Limited Fraud

Interpol looking for Mumbai con man
By: A Mid Day Correspondent
September 13, 2005
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The economic offences wing (EOW) of Mumbai police has issued a red corner notice against con man Rajkumar Basantani (52), who fled the country with his family in February 2005.

According to officials, the Interpol had been intimated and now the US police are searching for Basantani as well.

Fraud over Rs 150 cr

Basantani managed to get away with Rs 150 crore. His method was simple. He floated a company called Soundcraft Industries Limited in 1985, which caught the eye of investors as it offered interest rates as high as 16 per cent.

The 14,000-odd investors later realised they had been conned, as none of them received their money back on the due date in 2002. The fraud came to light when one of the investors, Indravardhan Gandhi, filed a case against Basantani.

“Basantani also cheated 20 banks by offering a single flat as a guarantee to different banks,” said an official. The banks that were cheated include Vijaya Bank, UTI, Oriental Bank of Commerce, Dena Bank and Punjab Sindh Bank, among others.

Two were arrested

The Mumbai police had earlier arrested two people in connection with this case. “Reluman Tekchandani and Vinod Hingorani, the two directors of the company were arrested in February 2005. But, Basantani absconded,” said the official.

“He will be traced anywhere he goes, as police all over the world will now be looking for him,” added the official.

Sir,
My wife BIJAYA LAXMI PALAI whose folio no 10577254 is a share holder of soundcraft Industries Ltd.Mumbai and on different dates during 2003-04 she purchased 25000(twenty five thousand )shares through a leading stock broker M/s Motilal Securities Limited and that to ontheir recomendation.

Now question comes how Rajkumar Basantani Chairman of Sound craft industries cheated and taken away rupees one hundred fifty crores and cheated public sector bank and insurance companies including,it is very interesting how the officers of the public sector banks including Vijaya Bank,UTI,Oriental Bank of Commerce,Dena bank and Punjab Sindh Bank without physically verifing the assets finanance Basantani,it means the officials those who involved in the financing may be heavily bribed.
Let me tell you the truth the officials of public sector banks without going deep in to the case of the finance companies given finanance by taking bribe and when the loan will not be recovered at later date they simply writeoff the loan,as if the officials thought the public money as if their person property.
May I request CBI and The Economic Offences Wing(EOW) to crossexamine the officials of the public sector finance companies those who appraised the project for financing and recover the lost money from them and file criminal case against those officials.
recently there is hue and cry in orissa due to waival of loan amounting Rs. 2300 crores by the nationalised banks including IDBI,IFCI,SBI of M/S Indian Charge Chrome Ltd.whose owner is Memebr of Parliament (Rajya Sabha) Mr. Bajayant Panda and there is regular and daily news both in Print and Electronic media and in the Orissa legislative assembly there was regular discussion about it,most importantly the ETV Oriya daily publish this news and there is regular road block in Orissa.The general discussion is how Govt.waived such ahuge loan of 2300 crores,whereas Government is not waiving a single rupee loan of poor farmers,unemployed students and that is reason why farmers in the country commit suiced.
Similarly one of the stock broker INDIABULLS SECURITIES LIMITED CHEATED LACS OF POOR AND SMALL INVESTORS including me and now their asset is more than 1400 crores what Sameer,Rajeev and Gagan claiming,what the Govt is doing,what SEBI,CBI and Incometax dept are doing.They have illegally,unconstitutionally and putting fake/fraud and duplicate signature on agreement taken away all my shares worth rupees Eighty five lacs.The CDSL,NSE and SEBI officials directly helping and supporting the cheator and fraud broker in their criminal activities.When NDA was in power they were getting patronage of Siv Sena and now when UPA is in power they are getting patronage of Industrialist LNMITTAL,Mittal is also their stock holder,I am not going deep into LNMIttal's family matter how during 1986 to 2000 people those who invested in their family companies burnt their finger and became beggar like Ispat Alloys(now Balasore Alloys)Ispat Industries,Ispat Profile etc,but LNMittal is claiming he is the largest producers of steel in the world and that is reason why he is now having several joint venture with several public sector undertaking,and from past history Govt failed to learnt any thing even our Left front friends when soughting on Nuclear deal why they remain silent on LNMIttal joint venture with Public Sector Undertakings.During 2004 three friend of Sameer gehlaut started Indiabulls with few thousands and today by looting and cheating lacs of innocent investors today their assets is rupees fourteen thousand crores,what the Govt is doing and why the opposition including left parties remain silent spectator,even their officials are telling the clients that Sameer Gehlault is son of Ex Chief Minister Gehlaut of Rajstan(Regularly trilochan Sahoo,Prasunjeet Mukherjee,Gagan Banga and Ashok Sharma are spreading the news inorder to attract investors).
Let me appeal the CBI,Home Ministry,Company affairs,Fanance Ministry and Prime Minister office to form a Joint Parliamentry Committee to enquiry the frauds the way during NDA Govt there was Joint Parliamentary Committee to enquire the fraud and lapses of UTI
Braja bandhu Behera,Advocate Orissa High Court