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Private financial company dupe small investors in Shimla

Written by: Staff
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Shimla, July 3 (UNI) A private financial company duped various small investors of hundreds of thousand rupees after promising to double their investment in just 15 days, police today said.

City Superintendent of Police A P Singh said Shivaji Traders, launched on May 11 this year, promised the investors to double their money in just 15 days and provide them household goods at half rates.

For the first two months, the investments of the people were doubled as promised but later the company, instead of handing over cash, started giving out cheques, a few of which bounced.

Police had conducted an inquiry a few days ago after receiving complaints but nothing much could be done as the company was registered with the state excise and taxation department and had a valid sales tax and income tax number, he said.

The company owners vanished on the night of July one with the deposited money of several hundred thousand after operating for about 50 days, he added.

The investors lodged a complaint with the police after they realised that the office had not opened for the last two days, he said and added that a case has been registered under section 406 of the IPC.

UNI AS YA VV2228

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