Maharashtra Minister Yogesh Kadam Reviews Refund Process in ₹7,000 Crore Pancard Club Fraud Case

Maharashtra Minister of State for Home (Urban), Yogesh Kadam, has reiterated the state’s focus on reimbursing investors affected by the massive Pancard Club Ltd. fraud case, estimated at ₹7,000 crore. This marks the second review of the refund process led by the minister, following an initial meeting held on June 11, 2025.

The high-level meeting, chaired by Minister Kadam at Mantralaya, was conducted under the Maharashtra Protection of Interests of Depositors Act, 1999. A central directive from the meeting was to secure all properties attached by authorities until the court delivers its final verdict, ensuring no illegal transactions occur in the interim.

Minister Kadam instructed agencies to compile comprehensive data on properties that have been successfully attached and to identify those where the process is still pending. To accelerate these efforts, he announced a forthcoming meeting with district collectors to resolve any outstanding issues.

“The money invested by the affected depositors must be returned to them at the earliest. All concerned agencies should coordinate and complete the legal procedures swiftly to ensure timely repayment,” Minister Kadam emphasized during the discussions.

The review was attended by key officials including Principal Secretary (Home) Anup Kumar Singh, Inspector General of Police Manoj Kumar Sharma, and Superintendent of Police Deepak Deoraj. The meeting also saw participation from representatives of the Securities and Exchange Board of India (SEBI), investigating officers, competent authorities, and investor advocates.