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Rs 15 crore cheating with promise of high interest, complaint lodged

  •   Wed, Oct 14 2015 08:26:28 AM

Daijiworld Media Network-Mangaluru (RJP)

Mangaluru, Oct 14: Bunder police station has received a complaint which says that a multi-purpose co-operative society in city has cheated the depositors to the tune of Rs 15 crore with the promise of high interest on their deposits.

Juliana Lobo is the complainant.

As per the complaint, Juliana Lobo started investing a fixed amount every month after the society promised her that she would get a higher interest. Her investment in 5 years exceeded Rs 18 lac. She also said that the management, staff and agents of the bank collected deposits worth Rs 15 crore from other depositors with the promise of higher than normal interest rate of 14 %.

Juliana says as the society has failed to meet its promise, she and others have been clearly cheated.

Juliana has demanded necessary legal action against the society and the concerned.

 
  

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Comment on this article

  • Jawar D'Souza, M'lore /Mumbai/

    Thu, Oct 15 2015

    Dear Hubert not now it was many years before, now banks pay only 7.75 percent on all deposits, you may be able to get 10% returns in UTI's pension fund, no one can guarantee this because UTI will close the schemes when ever they want to, like SCUP, US64 etc. But still there is some hope for few years.

    DisAgree [1] Agree Reply Report Abuse

  • Hubert D'souza, Mangalore Dubai

    Wed, Oct 14 2015

    @ Jawar D'Souza, M'lore /Mumbai/
    Read The Article Here Properly, In Which Nationalized Bank Giving 17.5% Interest For NRI Deposits Just Inform me.

    DisAgree Agree [2] Reply Report Abuse

  • peter, mangalore

    Wed, Oct 14 2015

    Whether it is greed or not it is individuals choice to invest. however, when such societies were formed certainly government approval obtained and also it should bind legally. What is RBI doing? If one says investing in society banks is greed, then a petition to be filed to stop forming society banks and dealing with financial issues.

    With regard to rate of interest charged by society banks, even i paid 18% interest with MCC bank.

    Problem is not the greed, but our legal system who let loose these criminals. Even if they arrested, they will be out in bail in no time and start new venture with new with previous criminal degrees.

    Now, if one says investing is greed, then, Our current central government started scheme in the postal department, invest until the age of 15 years so and then rest 7 years so government will invest, and take your investment back when child reaches to 21 years (correct me with the figures if i am wrong). What is the guarantee that same promises will be fulfilled at that time considering the following:
    - will the same government in power
    - will same PM ruling that time.
    - will inflation rate remain the same
    - If new government in power, do they continue the same.
    - Money invested now will be utilized by the current government and it is a burden / loan for the new government
    - new government may change its policies and many more...

    DisAgree [2] Agree [9] Reply Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    All these TDH finance cos. running in every nook and corner are definitely not having permission from the RBI or any other regulatory body for moneylending business, except a few reputed ones like Muthoot, Mannapuram, etc. (they are gold loan cos.) and there too their operations are strictly governed by RBI!! Then there are many reputed NBFCs who provide mostly housing loans!! These dubious finance cos. operate surreptitiously without any permission and entice the gullible and greedy with high interest rates!! To gain confidence and expand their business they pay regular interest for few months by rolling money coming in from newer customers, and on one fine day they shut shop and vanish!! So it is the investors duty to do his due diligence by double checking with a financial expert or CA before investing such huge sums of money just on these guys promises and some fake supportive documents!! An educated person, after seeing so much of such frauds taking place every other day, should have some common sense to suspect when they offer such high rates!!

    Regarding post office schemes there is nothing to fear, whichever govt. comes and goes, because they are fully secured by the Sovereign Govt. of India!!

    It is nothing but the greed factor to multiply money faster that drags people to such feku schemes!! As somebody said all are greedy, right-but they should be able to control their greed or else lose everything they have like the e-mail lottery and related scams!! Money invested with such fake cos. is extremely difficult to recover as these guys who operate this have a very perfect preplanned strategy, and they will divert the funds to some safe haven and escape before things turn hot!! Hence question of blaming RBI does not arise at all!! Jai Mangluru

    DisAgree [2] Agree [2] Reply Report Abuse

  • peter, mangalore

    Wed, Oct 14 2015

    exactly that is what i am asking? If they are not falling under RBI governing policy, how they are allowed to operate with big advertisements? to run the shop a licence from municipal corporation / city corporation is a must. How they gave the permission if there is no RBI Approval? What was our lega body doing for those many years if it was illegal, just taking salary from ordinary peoples tax paid money. How it went unnoticed when they operate publicly. 15 Crores duped and we simply say greed. to certain extent I do agree, but what is next course of action. If caught what will our legal / investigation team will do? Is there no full stop for this kind of business. One must admit that there is a large loop hole in our legal system. It is punishing the innocent, whereas criminals are let loose...

    DisAgree [2] Agree [3] Reply Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    You know how things work in our country!! Thousands of such scams have occurred earlier and are still occurring every other day and are widely reported both in print and digital media!! Educated people should know what is safe and secure and what is not and take adequate precautions!! When you invest in any unsecured scheme, there are 9 out of 10 chances of getting cheated!! After losing the money to these 'white collar thugs' what is the use of blaming this one and that one!! It is like an old person wearing costly ornaments and going to the bazaar crying after the ornaments are snatched when daily such incidents are taking place and the authorities issuing regular warnings not to wear ornaments when moving alone!!

    Many people even do not know that fixed deposits with pvt. and even publicly listed cos. are unsecured and the co. can default anytime, but still there are so many greedy people who for that extra 2% interest invest large sums of money in unknown pedigree cos. and lose their entire investment!!

    In such type of financial frauds it is extremely difficult to recover the money because these people operate with great planning and know all the ideas and loopholes in the law to escape unscathed!! Now, this incident again is a big lesson to those unfortunate ones who invested and lost and also to those who read this news about the extreme risk of investing in Tom, Dick, and Harry finance cos. Jai Mangluru!!

    DisAgree Agree [1] Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    In the age of information explosion, it is totally the mistake of the person who subscribes to such 'dubious' get rich quick services!!!

    DisAgree Agree [1] Report Abuse

  • R.Bhandarkar, Mangaluru

    Wed, Oct 14 2015

    Lobo
    Karch Kareeje Mando
    Ashtha wait Korun Kollo
    Ashen Invest Kelyar..
    Lastaak Meltha 'Motto'...

    Address Od Juliana...Secret ..Confidential?

    DisAgree [4] Agree [2] Reply Report Abuse

  • Oliver, Udupi

    Wed, Oct 14 2015

    Ye log suderenge nahi !!

    DisAgree [1] Agree [8] Reply Report Abuse

  • Shankar, Mangalore

    Wed, Oct 14 2015

    Which log Oliver?
    depositors or bankers?

    DisAgree Agree [3] Reply Report Abuse

  • sureshshetty, mangalore/mumbai

    Wed, Oct 14 2015

    when govt nationalised banks are @ your place why are u depositing in co-op societies, companies ect, anybody can start co-op society , donjt invest or deposit on interest greed so many people lost their deposits due to interest greed ,invest your money in nationalised bank fd, providend fund, govt bonds , postal deposits & licof india even interest income is ranging from 6 to 8% but safe and liquid.principal along with interest is safeguarded by govt.

    DisAgree Agree [6] Reply Report Abuse

  • Aubb, Kuwait

    Wed, Oct 14 2015


    We get lied and cheated by our politicians and leaders every day........!!!!

    DisAgree [1] Agree [3] Reply Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    The lady who lost 18 lacs might be having lots of spare money, but still wanted to multiply it fast and in the greed induced process lost the entire amount!!

    DisAgree [16] Agree [12] Reply Report Abuse

  • veera pinto, mangalore

    Wed, Oct 14 2015

    Rudolph
    What you mean lots of money?? What you can make with 18 lakhs. If you get major sickness this amount is nothing. Can you buy/built house on this peanut amount?? Can you retire with this or provide good education to your children etc. This lady did with good intention reading the companies terms. How can this company operate or got licence if it cheat the investors. Dont call greedy unless you never been greedy for anything in your life. All of us wants our money to grow and the govt gives licences to these investment companies. If these investment companies are cheating to the investors they need to compensate to the investors and they should be punished severely.

    DisAgree [4] Agree [27] Reply Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    From your post, it appears 18 lacs are also peanuts for you, but for a middle class person it is very big money dear!!

    Secondly, any educated person having even a little 'common sense' would not invest so much of money in an unsecured instrument without that extra 'greed factor' to multiply the money as fast as possible!!

    Thirdly, limit your comments to the subject news item and do not generalize on human attributes like greed etc. just for the sake of arguing!!

    Would you have invested such a 'big' amount in such a scheme???

    DisAgree [6] Agree [9] Reply Report Abuse

  • Amin Bhoja, Patte / Riyadh

    Wed, Oct 14 2015

    A Greedy earning never support your life!!!.

    DisAgree [9] Agree [11] Reply Report Abuse

  • Shankar, Mangalore

    Wed, Oct 14 2015

    When we were in first or second grade, in kannada medium schools there was a lesson with a heading, " Athi Aase Gathi gedu".
    Probably later on it might have been removed.

    DisAgree [3] Agree [13] Reply Report Abuse

  • gm, mlur

    Wed, Oct 14 2015

    So you are in your forties.

    DisAgree Agree [3] Reply Report Abuse

  • Shankar, Mangalore

    Wed, Oct 14 2015

    a little more!

    DisAgree Agree [2] Reply Report Abuse

  • Rudolf, Mumbai

    Wed, Oct 14 2015

    There is a flood of dubious finance agencies/gold cos. in DK for there is no dearth of gullible but greedy investors who have not learnt a lesson despite so many such frauds happening on a regular basis!! Money siphoned off is almost impossible to retrieve!! Jai Mangluru!!

    DisAgree Agree [9] Reply Report Abuse

  • stan, dubai

    Wed, Oct 14 2015

    Invest in high risk investments to get higher returns but here investment get not returns????

    DisAgree Agree [6] Reply Report Abuse

  • vikram, Dubai

    Wed, Oct 14 2015

    3RD PART "AUR EK BAAR PHIR HERA FERI..."

    DisAgree [2] Agree [6] Reply Report Abuse

  • Ahmed, DOH / IXE

    Wed, Oct 14 2015

    I dont understand how can people still fall prey for these kind of cheaters. If someone is saying more interest than banks it is clearly a fraud.

    DisAgree [2] Agree [11] Reply Report Abuse

  • vivek, herebile / abudhabi

    Wed, Oct 14 2015

    Sad Incident!!....I too Cheated 15 Lakhs...by Feku...

    DisAgree [8] Agree [42] Reply Report Abuse

  • readerwriter007, pune

    Wed, Oct 14 2015

    absolutely not worthy complaint. because it's a risk you always take when you get in to such traps. This group who got cheated ( including Juliana Lobo ) didn't ensure the any portion of the benefit to Barke Police station if huge interested was paid to her. Nor they verified with Police before investing in such a cheating group. They would have enjoyed the high return if succeeded. Now, they are cheated and hence they remembered Barke Police. If there are no people to fall in to such traps, nobody will be able succeed in such cheating plans... It's pure their own risk they have taken and now paying back for their mistake.

    DisAgree [2] Agree [6] Reply Report Abuse

  • Roshan P. D'Mello, M'lore

    Wed, Oct 14 2015

    Greed. High return comes at risk. So accept it?? Even RBI warned NBFC should not promise high returns to investors. Its investors responsibility to know before investing.

    DisAgree Agree [16] Reply Report Abuse

  • Vinod, Mangalore

    Wed, Oct 14 2015

    All want fast money. Greed puts them in deep trouble.
    When these so called societys promise high interest rate people should use some common sense to verify.

    DisAgree Agree [13] Reply Report Abuse

  • Hubert D'souza, Mangalore Dubai

    Wed, Oct 14 2015

    How it is possible to pay 14% Interest for FD's.Then how much they charge interest for the Loan????????

    DisAgree [1] Agree [14] Reply Report Abuse

  • Jawar D'Souza, M'lore /Mumbai/

    Wed, Oct 14 2015

    My friend Hubert, what is 14%, I know people giving 90 rupees in the morning and collecting 100 in the evening, for petty business just tell me how much percent it woks out.

    DisAgree [1] Agree [15] Reply Report Abuse

  • Hubert D'souza, Mangalore Dubai

    Wed, Oct 14 2015

    Jawar D'Souza, M'lore /Mumbai,
    What Is 14% Means per 100 Rupees 14 Rupees Added Per Year. For Your Next Question 10 % per day.

    DisAgree [1] Agree [3] Reply Report Abuse

  • Jawar D'Souza, M'lore /Mumbai/

    Wed, Oct 14 2015

    So you mean to say 14% cannot be paid. Indian govt was paying 17.5% interest on NRE deposit money, Indira Vikas Patra were doubling money in 5 years. Anyway crooks know a lot of ways to make money they may pay higher interests

    DisAgree [2] Agree [2] Report Abuse

  • Rebecca D'Souza, Mangalore

    Wed, Oct 14 2015

    Even though such cheating incidents take place almost on a daily basis still people don't learn a lesson.

    Greed is the root cause for this.

    DisAgree Agree [12] Reply Report Abuse

  • zoismus, MANGALORE

    Wed, Oct 14 2015

    can u please name the society so that
    more people might be aware, instead of doubting certain genuine financial
    institutions and creating panic

    DisAgree Agree [21] Reply Report Abuse

  • Mangalore Voice, Kavoor

    Wed, Oct 14 2015

    I dont understand why people invests in these faalthu financial agencies even afer reading somany things of cheating/ fraud by such agencies in media, newspapers and other sources. As long as you get cheated there are people to cheat you. Please invest your money in post offices, Nationalised Banks where it is more secured. That to dont invest everything on single bank, speraed it over two- three banks for mosre safety.

    DisAgree [2] Agree [11] Reply Report Abuse

  • Bollu, Mangalore

    Wed, Oct 14 2015

    Where can I lodge complaint against a guy who has become PM and promised 15 lakhs of black money before election?

    DisAgree [5] Agree [40] Reply Report Abuse

  • Babu, MANGALORE

    Wed, Oct 14 2015

    NAGPORE

    DisAgree [2] Agree [17] Reply Report Abuse

  • Master, dubai

    Wed, Oct 14 2015

    Another blede company cheating innocent people. Take action and Send them to Tihar jail.Be careful if anybody promising higher interest rate, they intention is clear, cheating people.

    DisAgree Agree [25] Reply Report Abuse

  • Elroy, Karkala

    Wed, Oct 14 2015

    Greed is the cause of all evil an sorrow.

    DisAgree [1] Agree [16] Reply Report Abuse

  • Dylan, Mangalore

    Wed, Oct 14 2015

    No name for the Multi purpose society. Please do mention the name of the society. So that others cannot be cheated in the fraud.

    DisAgree Agree [23] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Oct 14 2015

    Jaisa Raha Vaise Praja ...

    DisAgree [6] Agree [20] Reply Report Abuse


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