Mangalore: Multi-crore Fraud - Kerala-based Company Accused of Duping Investors
Pics: Brijesh Garodi
Daijiworld Media Network - Mangalore (BG)
Mangalore, Jun 12: They say as long as there are people to be duped, there are acompanies to dupe them. In a fraud case that came to light on Tuesday June 12, an investment company allegedly cheated people to the tune of Rs 6 crore.
The case pertains to Bizarre group, an investment company based in Ernakulam in Kerala, and whose office in Mangalore, running under the name of Bizarre Karnataka Franchis, is located at City Building, Hampankatta.
Sometime ago, an lady agent of the company's office in Wayanad, Kerala is said to have collected a huge amount of money from people in the name of investment, but never passed it on to the company and instead kept it for herself. However, when people questioned her, she claimed that she had paid the money to the company, and that the company had not returned their shares. Suspecting foul play, local groups and people protested against the company, following which a case was registered and the bank accounts of the company were frozen.
In its Mangalore franchise, when investors approached the company to withdraw their money, they were told that the company could not pay them back as its account had been frozen. Angry and agitated at this, people complained to the police.
The Bizarre company reportedly has total investments of Rs 32 crore. In Mangalore, it also runs a superbazaar at Mangaladevi. It is said that for the past three years, the company has been collecting a sum of Rs 14,000 each from people, promising them returns of Rs lac in two years. Over 500 people are said to have invested. Now, the managing director is said to be absconding.
Speaking to Daijiworld, BJP leader Chandrashekar Uchil who is a partner in the Mangalore franchise of the company said that people's money would be paid back to them as soon as Kerala bank account is freed. He also said that the superbazar at Mangaladevi has not been affected by the incident.
Bunder police who arrived on the spot took Dinesh, an agent with the company into questioning. He reportedly assured that the entire money would be paid back to the investors.
The police have sealed the office and have also taken its documents into possession.