Vadodara: More than 150 people from the city of Vadodara have been deceived by companies that promise a higher interest rate in a certain amount of investment.
Cheating complaints are registered at the City Police Station against four company directors who have launched several schemes in 2019.
Police said that the four defendants were lost and also turned off their cellphones.
According to the police, Akshata Bhangaonkar, who was employed by the Company Director, filed a complaint against them because he had also invested money in their scheme.
Akshata told the police that he had read CVK Parivar Nidhi Ltd in 2019 for work placement.
He met one of the accused of Vijaysinh Solanki who introduced himself as the Director of the Company.
He explained the Akshata investment scheme where investors were given a 6% interest in the daily savings scheme and various interest rates on repair deposits.
Chhatrasinh Solanki, accused of accusing to tell him that the company’s main office was in Gandhinagar.
Akshata joined the company as a central manager in its branch near Gandhi NagargeRuh in August 2019.
The defendant employed several other staff who used to explain the scheme to investors and collected their identity cards and their financial details.
The defendant even gave a passbook to investors who showed their investment renewal.
All money is stored in a bank in Raopura while the form is sent to Gandhinagar.
Akshata and other employees even encourage their relatives and friends to invest in their company’s scheme between August 2019 to February 2020.
About 150 people invested Rs 33.55 lakh in various schemes.
In February last year, the company closed its branch near Gandhi Nagarge and did not pay February and March salaries to his staff.
When investors did not get a return on their investment, they contacted Vijaysinh and Chhatrasinh who asked them to wait until May 2020.
The duo then gave 52 checks to daily investors but most of them bounced.
When the company and investors tried to contact the Board of Directors, they were not available and their phone was turned off after the victims approached the city police on Monday.
Apart from Vijaysinh and Chhatrasinh, two other directors of Kruplinsinh Solanki and Sanjay Joshi have also been ordered to cheat.