| Sain Baba Enterprises dupes investors | | Stakeholders approach police, want it to act fast | |
Sumit Sharma
Early Times Report
JAMMU, Feb 12: A Jammu based private finance company, ' Sain Baba Enterprises Ltd' that had opened up its branch at Preet Nagar Digiana is alleged to have conned around Rs 3 crore from gullible investors in the Jammu region.
A group of investors, reportedly ninety in number, who suspect they have lost their hard earned money as the owner of the company namely Akash Gupta of Nanak Nagar has been absconding, approached the Gandhi Nagar police station to register their complaints, here on Thursday.
They urged the police to act under relevant sections of law so that the owner of the private finance company could be compelled to return the money invested by them.
The said company, had opened its branch in the city in 2005-06. During first few years the company was paying the maturity amount with attractive interest. It attracted more investors, but the owner of the company disappeared after the cheques issued to investors started bouncing.
After the investors, mostly businessmen of Gandhi Nagar,Talab Tillo, Jammu city and its adjoining areas, came to know that they had been duped, they reached at the office of the Finance Company and ransacked it. They also approached police station Gandhi Nagar. Based on the complaint, police called the family members of the absconding financer for questioning.
When contacted, a senior police officer said, "Since the amount involved runs in crores, the investors have been asked to lodge a complaint with the Crime Branch as the case falls under provisions of economic offences."
Manoj Prabhakar, Deputy Controller Consumer Protection, when contacted said that for operating the business of chit fund, one has to follow the guidelines of SEBI. SSP Crime Branch Mubisser Latifi when contacted said that the role of police is to investigate the fraud that too based on the complaint.
The DC Jammu Ajit Sahu did not respond despite repeated phone calls.
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