[Resolved]  Shree Om Sai Nath Car On Rent — Court hearing details 18th March 10

Our stand vindicated – Fraud yet to be proved

Today as per the charge sheet presented by police/eow specifying details of allegations of cheating IPC 420, Breach of Trust 406, Breach of trust by a government servant 409 & criminal conspiracy 120B had submitted the 2500 complaints filed by Investors as evidence of cheating (though complaints are no evidence) with almost No evidence/proof of Fraud & misappropriation of funds, claiming about 20-22 crores rupees as dues (as per vague information the calculation for every complainant, whether one was a member from Jan 2007 or in Dec 09 was made on the invested amount + profit/compensation + EMI for the entire period of 60 months i.e. Rs.125000/- + 8040 * 60 = Rs.607400/- as claimed amount).

The police/eow also stated that in Delhi/NCR SOSN has 2 hotels and resorts whose value is 50-60 crores, 2 Flats, Own offices & properties across India, good nos. of vehicle (163 in Delhi alone, 450 in Mumbai and also in other cities) 20 crores of Rupees in cash/bank account. The police/eow said that the process is yet to be completed & is still on to find out other properties, cash, bank balances, vehicles etc from other eow offices across India even after getting the copy of balance sheet, P/L A/c from the court they still on work.

Mr. Arya tried for the bail plea (Mr. Verma was not present as he is still in Mumbai) but the Judge gave 29th March 10 as next hearing date as he was perplexed by the apathy of police/eow seeing the charge sheet with almost no evidence/proof of fraud did not heard the bail plea. The Judge also kept a copy of charge sheet for himself, gave a copy to Mr. Dharmendar Arya to study & asked to present his views on 29th March 2010. The lawyers of complainants were also dumbfounded and didn’t utter any thing other then the demand for the complainants money in huge proportions (as mentioned above 20-22 crores -10% of it is big amount).

As per media report sosn has 21000 investors across India based on no. of applications; it means if an application is made of average of Rs.150000/- multiplied by 21000 = 315 crores and SOSN has assets worth 300 crores as per B/S & 10-12 crores monthly income as per P/L A/c then there is no need to panic because almost 40-50% of investors must have received their invested amount back & if had made any complaint then cannot make claim as the court had already made a view on it. Other complainants who have invested in last one year will get their dues – what they have already received i.e. if 150 cr is used for that then those who have submitted AOS/DFS stands a good chance, still 150 crores can be utilized for giving regular returns/profit/compensation to investors.

Sosn Investor Forum view:

Why is there no clear picture given by police/eow other then just indication of cheating IPC 420, Breach of Trust 406, Breach of trust by a government servant 409 & criminal conspiracy 120B by Roopesh Verma in the charge sheet & the no. of complaints are the only basis for the same. Does complaints/FIR against someone make him guilty whether Yes or No, why the investors are made to suffer for the same?

As the no of complaint/FIR are increasing by leaps & bounds due to panic, ignorance of law/judicial system, no information by sosn staff, fleeced by police, lawyers, peer pressure, campaign etc. the investors are clueless & direction less but the complaint/FIR are only going to complicate the matter further. Seeing Mr. Verma face to face in court/jail will not solve our problem but delay the release of investor’s money.

What we understand from above observation is that the complainants & lawyers had made a hasty decision of filing FIR & had blocked the lifeline of earning for rest of the investors. Most suffered are Sr. Citizens, Loaned, Poor & downtrodden who must have deposited each penny of their life saving, persons who planned studies of their children, marriage of daughters/son etc., Police/eow would not help anyone they are only interested in carrying on the investigation for years (case of 1999 is still on source-eow website). Even claimed figure is hypothetical & exaggerated as per e.g. of calculation given it might come down to 5-6 crore only. Our main focus has been that the company should start its operation as directed by court & under the observer appointed by it with or without Mr. Verma but with members of Investor Forum of individual cities sosn centres!

If Not then we all Investors across India has to come together and form a pan India Sosn Investors Forum duly registered (can be a trust/society) and press upon government/court for taking over the management of sosn as was done by govt. for satyam, now bought by Mahindra tech even when Mr. Raju is denied bail.

The Sosn Investors Forum Management with the help of government should work out the solution of repayment of dues to the investors & rerunning of the same as there is good income coming from Hotel/Resort, Car rentals & allied activities in crores which can be used

Unfortunately or fortunately we are yet to know whether Mr. Verma is innocent or planned a fraud as we had mentioned neither we support Mr. Roopesh Verma nor we are against him, and also we don't want to jump to any conclusion.

As per information from Pune Mr. Verma had calculated his dues to all the investors, which he says is only 50 crores, if it is so all investors who have made complaints, who have not made complaint or have not submitted AOS/DFS are the looser as they will be out of the gambit. Now whether sending AOS/DFS will help or not no body knows.

Now even after winning the battle we may loose our regular monthly income, if Mr. Verma returns every investor’s dues.

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