SEBI finds Citrus Check Inns operated unregistered investment scheme

This is a final order by SEBI regarding Citrus Check Inns Limited and four of its directors, concerning allegations that the company operated an unregistered collective investment scheme (CIS) by offering holiday plans with promised returns on investment.

Citrus Check Inns Limited, Omprakash Basantlal Goenka, Prakash Ganpat Utekar, Venkatraman Natrajan, and Narayan Shivram Kotnis.

• SEBI found that Citrus was prima facie engaged in mobilizing funds as a Collective Investment Scheme (CIS) without obtaining the required certificate of registration.
• The investigation covered the period from FY 2011-12 to 2015-16.
• SEBI identified 7 specific holiday plans (Gem, Jewel, Crystal, Crown, Pearl, Glory, and Sapphire) that offered redemption options promising returns on invested amounts.
• The order notes that returns on these plans ranged from 16.7% over 3 years to 191.2% over 9 years.
• A Show Cause Notice was issued to the noticees on March 28, 2025, following a Supreme Court order allowing SEBI to proceed with enforcement actions.

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