Duped of crores, over 50 complain against 14 people of investment firm

BENGALURU: More than 50 people have been cheated of crores of rupees in the name of investments with promises of 10 to 15 per cent profit. The affected people filed complaints after the company shut down and the promoters went missing.

About 52 people have filed complaints at the police station and an FIR has been registered against 14 people, including the investment company owner. Preliminary investigation has revealed fraud worth crores.

Arunachalam, Parvathisam, Simran Pal and others had opened a company named Smart Quant Service Enterprise INDIA (OPC) Pvt Ltd in RT Nagar. They used to collect money ranging from Rs 2,000 to Rs 1 lakh. They convinced people saying that they could invest in the company and earn lakhs in just a few days. They assured returns of 10 to 15 per cent interest.

Initially, they gained trust by paying the promised profit to a few people. But as the number of investors increased, the company shut down and the promoters disappeared with crores of rupees. Currently, around 52 people have filed complaints against the company owner and 12 others after being cheated. A case has been registered and a search is on for the accused.