Dravid Rs 4cr swindle finger at ponzi scheme firm

The Telegraph India, By KM Ramesh, March 19, 2018

Bangalore: Former cricketer Rahul Dravid has lodged a police complaint accusing a Bangalore-based deposit-mobilisation firm of cheating him out of Rs 4 crore.
Police sources said Dravid's complaint names the Vikram Investment Company, its managing director Raghavendra Srinath and his associates.
Raghavendra and associates Nagaraju, Narasimhamurthy, Prahalad and Sutram Suresh, a former sports journalist, had been arrested last Monday, March 12. They were sent to judicial custody on Saturday.
Sources said that according to Dravid's complaint, lodged with Sadashivnagar police station on Friday, Sutram had contacted and persuaded him in 2012 to use investment options offered by the company.
After Dravid received good returns in 2015, he invested a further Rs 20 crore and received returns of Rs 16 crore in 2017, a police source said quoting from the complaint.
Dravid has complained that he received no more returns and that all his attempts to get the remaining Rs 4 crore failed. The promised rate for the returns could not be immediately confirmed.
Calls to Dravid's mobile number evoked the response that it was switched off.
A Bangalore-based incense stick maker had lodged the first complaint the week before last, accusing the company of cheating him out of Rs 11 crore. Preliminary investigations suggested the money collected was reinvested in the commodity market, police sources said.
They said they were investigating leads that suggested that some 800 big and small investors within and outside the state had together lost Rs 500 crore they had invested with the company.
It was initially suspected that former and current badminton stars Prakash Padukone and Saina Nehwal were among the victims but neither has lodged any complaint, an officer said.
"We have received complaints from people who had invested Rs 5 lakh and above. Most of the complainants are professionals; some of them are doctors," the officer said.
"We have seized properties, including the offices of the company, that are worth between 80 and 90 per cent of the total dues to the investors."
Officers had on Thursday raided the Vikram Investment office in Bangalore and the office of its sister concern, Vikram Logistics Company, in Chennai. Raghavendra was taken to both properties over Thursday and Friday as part of the investigation.
Raghavendra and his wife Sunitha, who is apparently in hiding, owned the company. The others, including the journalist, worked for them for commissions of up to 12 per cent for the investments they brought, the officer said.
He added that the police were probing whether the company had links with others running similar ponzi schemes.
In another police complaint in the city, a woman doctor has alleged she was cheated out of more than Rs 11 crore.
"She had invested in the names of her son and mother around the same time Dravid did. She neither received the promised returns nor could recover the principal," the officer said.

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more