Wasankar has more assets than dues: Defence lawyer

  |   10 November, 2014   |   1019   |   3980

NAGPUR: The counsel for alleged Ponzi scheme operator Prashant Wasankar has argued before the court that if he is released on bail, there are chances that investors may get back their dues. Wasankar's lawyer, Prakash Naidu said while arguing his bail petition the market value of assets seized by police stand at Rs50 crore. As against this, investors' claims on Wasankar stand at Rs47 crore. If released on bail, he can easily pay the dues, he said.



Naidu told TOI he arrived at the figure of Rs47 crore considering the principal amount only and not the interest due.



Wasankar has been booked for violating the Maharashtra Protection of Interests of Depositors (MPID) Act, by collecting funds in an illegal manner. Investigations reveal that he offered abnormally high returns to lure investors.