Daijiworld Media Network – Mangalore (SP)

Mangalore, May 4: More and more people, who had invested money in different companies with the lure of making quick bucks, are coming into the open to file complaints with the police against such companies. One such complaint was filed by a group of people, who reportedly lost money invested with one such company, in Urwa police station in the city on Tuesday May 3.

The complainants said they had invested money with Nano India, a company having its office at Kottara Cross here, enticed by the company’s promise of giving 20 percent per annum returns on their investments. The complainants have accused Lakshmish Babu, said to the chief executive officer of the said company, and three others, of defrauding them.

Nano India, claiming to be having its head office at Surat in Gujarat, had invited investments from interested persons. It planned to earn 40 percent returns by investing the money in the share market, and pay 20 percent interest to the investors. Complainants, Rohit Karkada, Jitendra Shetty, Maxwell Monteiro, Jeevan Noronha, Surendra and Shivakumar, had reportedly invested a total amount of Rs 12.17 lac with the company in August last year.

The complainants, who have named Mahesh Babu, Nagarajappa and Shivappa, said to be employees, in addition to Lakshmish Babu, alleged that the company has defrauded them by failing to pay any dividend on the investment as agreed upon in an agreement it had entered with them, and that it has also been unable to repay the principal invested with it.

The police personnel of Urwa station, who have registered the case, are investigation.