Investors who seem in danger of losing nearly Rs1,000 crore with Anugrah Stock & Broking Pvt Ltd now suspect that the owner, Paresh Kariya, may have been diverting funds into real estate and other businesses. A director’s database search by the names of Mr Kariya and his wife throw up other directorships that included Anugrah Realty Developers Private Limited (incorporated in 2007) and 10 other corporate entities.
According to the details readily available on the ministry of corporate affairs (MCA) website, Anugrah Realty Developers is currently an active entity and Paresh Kariya’s brother, Arvind Kariya is also a promoter of the company.
Digging deeper, it seems that the Kariya brothers are also part of a construction company called Dream Heritage Private Limited since 2011, along with its two founders, Kanayalal and Rajesh Mewada. The Mewadas had originally founded a now defunct construction company, Dream Infra and Projects Ltd with a registered address in Borivali, in 2011 and are currently joint directors with the Kariya brothers in Dream Heritage. The Kariya brothers most definitely seem to have ties in the real estate business, but whether investors' money from Anugrah was ever diverted to these companies remains to be seen.
Paresh Kariya’s wife Sadhana Kariya, has also been made director in the Anugrah group of companies (latest appointment in 2018) and is registered as the director in six corporate entities. Both Paresh and Sadhana are also promoters of a holding company called WW Technology Holdings Ltd (previously known as Suprabhat Holdings Ltd, 1983-2002). A quick search on Google reveals that this holdings company does not even have a functional
website which is filled with generic placeholder text.
Looking into other companies that the Kariya brothers are both involved in, Wagad Fincap Ltd was founded and registered in 1993 by Paresh Kariya, and Sadhana Kariya was made a director in 2007. According to details present on the MCA website, this company is still active but other details as to its operations or functions are scarce. There is also no website for this company.
Together, the Kariya brothers are also directors on Polytex India Ltd, which according to its comparatively better maintained website (http://polytexindia.com/) is a registered non-banking finance company (NBFC) since 1987 and also on Rapid Credits and Mercantiles Private Ltd. Closer inspection also reveals that many of the aforementioned companies have been registered at the same Vile Parle address as Anugrah Stock & Broking.
Although there is no direct evidence connecting misappropriation or redirection of investors' funds to the sister concerns of Anugrah, these clues and details certainly do not provide any confidence in the company or its promoters' actions.
This is clearly a case for the police and economic offences wing (
Mumbai EOW Registers Cheating Case against Anugrah Stock & Broking) to look into, since a case has already been registered. Investors of Anugrah, who may have blindly trusted the company, which had lured them with the offer of high monthly returns, have some hope of recovery if the police do find diversion of funds.
Moneylife was the first to write about the fraud at Anugrah. All our reports can be accessed
here.
