The Enforcement Directorate (ED) on Monday connected movable and immovable houses of Mahesh Motewar, the chairman, and coping with a director of the scam-hit Samruddha Jeevan Foods India Ltd. The ED connected plots, flats, 3 resorts (in Pune), business premises, and one helicopter (at Santacruz Airport, Mumbai) belonging to Mr. Motewar. The fee of all is said to exceed ₹2 hundred crores. In January 2016, the Central Bureau of Investigation (CBI) had carried out raids on homes owned by Mr. Motewar and 58 locations linked to the Samruddha Jeevan institution, along with 40 in Pune, and places of work in Nashik, Aurangabad, Solapur, and Odisha. An excessive-profile businessman who frequently hobnobbed with local politicians, Mr. Motewar also owned a couple of vernacular TV channels.
Mr. Motewar is under arrest because the remaining 12 months for his alleged position in the multi-crore Ponzi rip-off. Mr. Motewar and his kin, including his wife, are accused of dishonest thousands of small investors throughout Maharashtra. On promises of high returns through unauthorized livestock and goat farm schemes. In August last 12 months, the Criminal Investigation Department arrested his spouse, Leena.
In 2013, the Securities and Exchange Board of India (SEBI) barred the employer, based in Pune’s Shivajinagar place. Its administrators from elevating money from traders, frequently hailing from rural and semi-urban areas. Under diverse Ponzi schemes, the corporation had provided to double the investors’ money in 5-and-a-1/2 years while promising a quantity equivalent to at least one-and-a-half times the contract fee as unintended loss of life assist.’
The SEBI finally cracked down at the group in November 2015. A case became filed with the Deccan Gymkhana Police Station in Pune beneath Sections 420 (dishonest and dishonestly inducing shipping of assets), 188 (disobedience to reserve duly promulgated through a public servant), and 120B (criminal conspiracy) in opposition to the company and its 4 administrators — Mahesh and Leena Motewar, Ghanshyam Patel and Rajendra Bhandari.
1. Must Know and Stay Current on Local Ordinances and State Laws
Managers are required to perform their work according to the laws of the land. The government (city, state, and federal) dictates how real estate is to be managed, from requiring a real estate license (depending on the state) to the use of the real estate (such as rent control laws). From proper trash removal to how and where we must keep security deposits, the manager must keep abreast of the many legal requirements of managing real estate. If a mistake is made or a task is forgotten, it could cost the owner their property and/or a management company’s reputation, loss of the account, or even the loss of real estate licenses.
2. Must Be Highly Ethical and Honest
Property Managers work on the Honor Code when they handle other people’s money. By collecting rent, security deposits, laundry machine money et al., the property manager holds a fiduciary relationship with the property owner and/or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his or her highest level of integrity. Daily, the property manager’s good judgment and sense of right and wrong are called into play.