Tuesday, December 31, 2013

Firm booked for cheating investors of over 21cr

Mateen Hafeez TNN

Mumbai: The Marine Drive police have registered a case of cheating against Birla Power Solutions Pvt Ltd for allegedly duping a Worli-based businessman of Rs 1 crore by not repaying his fixed deposit investment on maturity. The police said that more than 12 people have approached them to complain about the “dubious” scheme and the amount involved in the case has gone up to Rs 21.66 crore. 

    The company neither took calls nor replied to several messages and an email from TOI.
    Niket Kaushik, additional commissioner of police, said the case had been transferred to the economic offences wing, which may summon the firm’s employees for questioning.     The FIR says that in February 2012, the victims invested in a fixed deposit scheme in which they were promised a return of 10.75% after a year. The police said over Rs 300 crore was collected under this scheme. 

    But when the investors did not get either their returns or investment amount till March this year, they panicked. “After the end of the maturity period, we were waiting for our returns, but the firm did not respond. All attempts to meet the company officials did not succeed. Some senior officials, who were part of the board of directors at the time of floating the scheme, have resigned. The new directors are not talking to us. We had seen this scheme’s advertisements in newspapers and invested in it,” said a complainant, who did not want to be identified. 

    The police have booked the firm under various sections of the Maharashtra Protection of Interest of Depositors Act. 
The Times of India, December 31, 2013

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