The perosn wearing brown t-shirt is Sagar (earlier RAJ) Sunder Basavaraj & the person wearing Black shirt is Suraj Sunder Basavaraj
This is to report of an Economic Offence incident occurred in the Malad / Kandivli / Borvili (Western suburbs) Mumbai, India.
Company Name: TEAM ASSOCIATE INDIA PVT LTD
Founders / Directors / Owners / Promoters:
1) Mr Sagar Sunder Basavaraj – absconded / missing, (Name changed from Raj to Sagar in 2005 similarly his 2 younger brothers too changed their name in 2005)
2) Mrs Priya Sagar Basavaraj (Wife of Mrs Sagar S B was arrested and is now out on bail)
Both use to reside at Gorai in Borivli West, Mumbai India
The Incident!
M/s Team Associate (Prop.: Mr Sagar S B) was incorporated in 2005 to provide manpower services to Companies in the BPO, Insurance and service sectors. He was involved into many other ventures, M/s Radicals – a design firm, providing accommodation to people employed by him, supplied Laptops & LCD TV’s on rentals to companies by getting investments or supplies from individuals, by offering them huge returns on rent under an agreement. People invested their hard-earned money into the same, and have now learnt that those Laptops & LCD TV’s were never rented, rather they were sold in the market. The investors did get their rents on time for a period, but after a certain period it stopped. He had made a forged agreement showcasing he had contracts of rentals with large company to gain & build the trust of those investors.
Further, TEAM ASSOCIATE INDIA PVT LTD was incorporated to launch a lucrative offer under the brand name CARVERTIZE. A car showroom was inaugurated at Kandivli to sell Chevy Spark Car @ Rs 123000.00, published in leading newspapers in Mumbai, buy the Car through TAIPL on MRP and get into an advertisement space agreement, wherein the TAIPL will pay Rs 6000.00 each month towards the space utilized on the Car guaranteed for 30 months.
A Rs 4 lac product sold within returns (benefits) worth Rs 3.60 lac over a period of 5 years, who would not get attracted to it? loads of people started buying under the offer, almost 1350 cars were sold in a span of 15 months, the space rent was paid to the car owners, some on time some delayed. Finally, when 3 months space rent was not paid to individual car owners, it started piling up, on January 4, 2011 Mr Sagar S B & his brother Mr Suraj S Basavaraj were reported missing / absconding.
Before absconding the duo has collected a lot of money from individuals / companies & their associates, again with huge returns commitment.
Statements have been submitted by victims at Kandivli Police Station. But since that day everyone associated is been questioned, but has no trace of the duo till date.
Surprising facts;
- TAIPL & TEAM ASSOCIATE both are companies registered at Malad Office address, though the showroom was at Kandivli, the reports have been accepted at Kandivli Police Station.
- Apart from newspapers mentioning about the scam, nobody has published the pictures of the absconding duo.
- It has been more than 45 days but the Case towards the complaints is yet to be registered.
While investigating on this incident, it has been understood that Mr Sagar S B had defaulted earlier and had run away twice (some cyber café scam) once to Bangalore and once to Australia.
I hope that the system in place, acts early to prevent another such incidents.
Beaware of such incidents, await your comments.
Best regards
defaultsreporter
