Mangalore, Jun 3: A man who duped several through a dubious money and gold scheme in Sullia has gone absconding, thus cheating the investors of crores of rupees.
Investors who had invested in the Jai Krishna money and gold scheme ' gathered outside the firm 's office at D M Complex in Sullia, only to find it closed since few days. Once they realised the truth, people who had invested in the dubious scheme made away with the furniture and other equipment on Monday, enraged by having been duped of their money by a fraudster.
According to locals, a person named Sudhama, hailing from Kerala, had set up a business in the name of Jai Kisan Finance ' few years ago at a commercial building in Sullia town, and began providing gold and mortgage loans to people.
Over a year ago, he opened an office at Rajashree complex in Balemakki and launched the Jai Krishna Gold Scheme ' along with a chit fund company. During this time, he was residing in Haspare in Aletti village in Sullia taluk.
The accused Sudhama was allegedly running chit funds worth starting from Rs 1 lakh upto Rs 50 lakhs. There were reportedly 100 stakeholders in one chit fund. It is said that a minimum of 500-1,000 individuals had invested in the chit fund company and most of them were swindled of their money.
Sources claim that there were only 40-50 genuine stakeholders in one chit fund, while the remaining were fake persons.
Although several had had disputes regarding the same with the owner of the firm on previous circumstances, none had ventured to lodge a written complaint with the police in this regard.
Now, the firms remain closed and upon realising that they had been conned, the investors in the chit fund company took away the furniture from the premises.
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