Mangalore: Online Trading – Fraud of Rs 1.25 crore Alleged

Daijiworld Media Nework – Mangalore (SP)

Mangalore, Apr 13: A complaint of financial fraud amounting to Rs 1.25 crore was filed in Urwa police station on Tuesday April 12, against a person named Srihari from Ashoknagar Urwa Hoigebail, alleging that he had defrauded investors to the tune of Rs 1.25 crore.

H Ravichandra, a resident of Mallelshwaram in Bangalore, has complained that Srihari alias Srinivas, a native of Tamil Nadu, who had set up an online trading company and offered huge interest to investors, had cheated him to the tune of Rs 1.25 crore. He said that Srihari had borrowed Rs 38.82 lac from him by promising to pay interest at the rate of 20 percent every month, and to return the entire principal amount at the end of the year. He said that in the first month, a sum of three lac rupees was returned to him, but that Srihari had failed to repay anything thereafter. He said Srihari had issued him cheques amounting to Rs 1.25 crore towards repayment of interest and principal.

The complainant has alleged that since some time, he was unable to contact Srihari over internet. Growing suspicious, he came to the city and found that Srihari had gone missing since March 15, he said. It is gathered that Srihari, who had opened his office in a rented building in Urwa Ashoknagar with the name, SPM Infotech Private Ltd, suddenly closed the office and went missing since last month. Several other cases of fraud have also been lodged in Urwa police station against him, the policemen informed.