Seamen cheating case: Court asked accused to furnish 10 crore to hear his bail application

The Seamen cheating case involving the Kamaxi Forex is one of the biggest cheating cases that Goa has witnessed recently. The owner of Kamaxi Forex Nilesh Raikar has allegedly cheated more than 500 seamen to the tune of 40 crore rupees. On Monday the bail application case of Nilesh Raikar came up for the hearing in Margao JMFC court and judge ordered accused to deposit rupees 10 crores before the hearing of his bail application on 30th July 2016. The frustrated wife of accused said to have attacked the reporter of Prudent Media outside the court. What happened in the court on Monday? Read the complete report here.

[su_expand more_text=”READ MORE” less_text=” ” height=”0″ hide_less=”yes” link_style=”button” link_align=”center”] According to the news report telecasted by the Prudent Media, a local cable TV channel the bail application of accused Nilesh Raikar came up for the hearing in the Margao JMFC on Monday. The judge adjourned the case asking the accused to deposit Rs. 10 crores before the next hearing on his bail application.

The next hearing, in this case, will be on 30th July court ordered. “The matter has been posted for orders now on 30th July for the bail application of Nilesh Raikar,” said the lawyer adding that, “The honorable JMFC asked the APP to submit Rs. 10 crores which are half the amount the investigation officer has said that is duped by the accused Nilesh Raikar.”

Subsequent to the order of the court the frustrated wife of accused Nilesh Raikar said to have attacked the Prudent Media reporter outside the court and she had physically pushed the camera of the video journalist.

Kamaxi Forex run by Nilesh Raikar has cheated more than 400 investors who have deposited their hard earned money with the said company. Most of the investors are said to be the Seamen. The case is handled by the EOC (Economic Offence Cell) with whom the complaint was lodged. The total amount that is duped by the accused is around 40 crore.


The accused had confessed in front of the investigation officer saying that the greed of making more money in a short time has outlaid. He invested the money in share the market from 2014 due to which he faced the huge losses. To recover the lost money he went on reinvesting and thereby faced more losses. He also confessed of investing into various properties which he mortgaged with the banks later.

It is the fact that the wrong business policies and bad investments made the accused faced losses and in the bargain and the hard earned money of hundreds of people was lost. This serious crime and the court have taken the cognizance of the issue. The next hearing on the 30th July will make the picture clearer.

Source: Prudent Media       


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