In yet one more case of suspected monetary fraud in Bengaluru, a number of individuals have registered complaints towards Chennai-headquartered Vishwapriya Monetary Companies Securities Restricted (VFSSL), alleging that it has cheated them of lakhs of rupees.
4 FIRs have been registered at Siddapura and Girinagar police stations in the previous few days. The complainants have accused VFSSL, its managing director and different officer-bearers of dishonest.
Police stated there are various extra victims throughout town. Most of them are senior residents residing in South Bengaluru. A listing of victims was being ready and their statements might be recorded within the coming days, police added.
The primary criticism was filed at Girinagar police station by 73-year-old Indira Murali on December 29. On the identical day, two extra victims — Rekha Narayan, 62, and Shanthi M, 50, of Jayanagar — filed complaints with Siddapura police. One other sufferer, Padmini Balaraman, 75, filed a case on December 30.
In line with the complainants, the accused satisfied lots of of individuals to take a position cash as fastened deposits (FD) of their agency between 2012 and 2016 on the promise of 10.47% curiosity. However they didn’t return the curiosity or principal quantity to the traders.
The primary accused is Subramanian R, the managing director and founding father of the corporate. He together with a couple of others — Narayan R, Raja Rathnam, Raghavan T S, Srimathi, Sadanand P and Rajendra Kumar — have been accused of dishonest traders, who allege the overall fraud is round Rs 250 crore.
Indira had deposited Rs 5.05 lakh in 2012 and 2013. Padmini says she had deposited Rs 52.43 lakh in 2012. Rekha deposited Rs 10.53 lakh in 2012 and 2013, whereas Shanthi deposited Rs 3.3 lakh.
Harish Pandey, deputy commissioner of police (South), stated, “The full lack of the victims who’ve filed complaints is inside Rs 1 crore. We are able to estimate the general fraud after investigations.”
In Bengaluru, VFSSL places of work had been positioned at Jayanagar and MG Highway until they closed them in 2016. The victims allege that Subramanian had threatened that he would use political affect in the event that they file any criticism towards him.
A case of dishonest, prison intimidation and The Karnataka Safety of Curiosity Depositors in Monetary Institution Act has been registered.
Subramanian, who based the retail chain Subhiksha and likewise ran a coupon fund scheme, was arrested in 2018 on costs of defrauding Financial institution of Baroda for Rs 77 crore and traders of his chit fund scheme Vishwapriya Finance Companies of Rs 150 crore.
Since then, the ED has been attaching the property price crores belonging to Subramanian, in varied tranches. There have been a number of allegations of fund embezzlement and fraud towards him.