The Nagpur Bench of the Bombay Court has ordered that the pending case against Sameer Joshi in the Akola Sessions Court be disposed of by next August. Sameer Joshi is accused of defrauding 5000 investors to the tune of Rs. 200 Crore.
On March 2, 2022, the High Court had ordered to dispose of the case within one year. But, due to various reasons, this case could not be settled till now. as a result, the Sessions Court submitted an application to the High Court on January 29, 2024, seeking extension of time. The application was heard before Justice Urmila Joshi-Phalke. she extended the deadline by six months.
Sameer Joshi, the mastermind of the scam, lured investors with annual returns of 25 to 40 percent. He had appointed several agents to lure the investors into this trap. He used to mislead the citizens by organizing investment programs from time to time. After some time, the scam was exposed when investors stopped getting returns and deposits as promised by Joshi. On September 14, 2013, Amit More of Somalwada filed the first complaint against Joshi and other accused at Rana Pratapnagar Police Station. After that, FIRs were also lodged against the accused in Akola and Amravati police stations.