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One arrested for cheating investors

Wooing the investors with high interests on deposits of about 10 to 15 per cent, and low interest of 5 per cent on business partnerships, a private investment company has cheated 158 customers in the city. The fraud company, Frontier Group, owned by Sumanth Kumar Das has cheated the investors of crores of rupees, before fleeing the city.

After a chaotic protest opposite commercial street police station on Saturday by the victims of the fraud, the police took Sudheer, one of the accused - a member of the Frontier group company - into custody on Sunday. The search for the main accused Sumanth Kumar Das and other directors like Ganesh and Maria is still on. Das, along with his wife lived in a rented house in C V Raman Nagar. But now, they have reportedly vacated the house.

The group has been functioning for the past five years, from 26 branches across the city. Police said that the company was set up legally, by fulfilling all the government formalities. After gaining the confidence of their investors in the initial years, they managed to flee the city with crores in their kitty.

Anita Isaac and her family members, who had invested Rs 10 lakh with the company eight months ago, have been cheated of Rs 13 lakh. “I had invested a small amount initially, and was promised 10 per cent interest. There was no problem with the cheques for interest money, which were given on time.

Once I became confident about the company, I persuaded my mother-inlaw and my sister as well to invest. But this month, the cheque bounced and when I went to their office on Saturday, I was greeted by a constable who asked me to join the others in lodging a complaint at the Commercial Street police station.” Like Anita, 87 others found out on Saturday that they had been cheated.

Around 70 others joined them on Sunday, and all of them joined to file a complaint.

Most of the investors are said to be from Bangalore, and frequent advertisements of the company in newspapers wooed the investors. The company had 26 branches in localities like Banaswadi, Koramangala, Malleshwaram, Ramamurthynagar, Kaggadasapura, Brigade Road, Mahadevapura, Arkere gate, CV Raman Nagar, Bannerghatta Road and Cubbon Road.

The group of investors who first realised that they had been cheated, rushed to the company office and beat up those present there. But by the time they filed a case at the Commercial Street police station, the staff members had escaped. Police said that had the investors lodged the complaint a little early, it would have been easier to trace the accused. Police investigation is now on.

Source: ExpressBuzz


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