Bengaluru Investment Firm Running Ponzi Scheme Dupes Rahul Dravid and 800 Others of Crores,Cricketer Files Complaint
So far, the police has arrested the owner of the company named Raghavendra Sreenath, Narasimhamurthy, K C Nagaraj and Prahlad and other perpetrators named in the fraud.
Bengaluru, March 18: Indian cricket legend and coach of the Under 19 World Cup winning cricket team, Rahul Dravid has filed a complaint against a Bengaluru based investment and fund management firm Vikram Investments. Dravid has filed a complaint stating that the firm has defrauded him of Rs 6 crores. Dravid, in his complaint has accused the firm of obtaining Rs 20 crore from him by promising higher returns but says that he hasn't even received his initial investment amount back.
On March 12, 2018, there was a report about Vikram Investment Company duping over 800 investors on the pretext of giving them higher returns. Rahul Dravid in his complaint to Sadashiva Nagar Police has claimed that of the total Rs 20 crore he invested in the firm, he received back Rs 16 crore and that Rs 4 crore was still pending with the firm.
The Bengaluru City Police on March 12 had said that it had busted a Ponzi scheme run by Vikram Investment Company which has hoodwinked over 800 people by taking deposits from them on pretext of giving them very high returns. The police has claimed that some very eminent personalities and stalwarts from the field of sports, arts, and cinema have been taken for a ride and cheated of their money by the firm.
The company's modus operandi was to promise the investors of over 40% return on investment on the principal amount. The police had also mentioned that other sportsperson like Prakash Padukone and Saina Nehwal had also been duped by the firm. No sports person or other prominent name had reacted to the police claim but with Rahul Dravid filing a complaint now, the case is expected to get highlighted and hopefully all the investors who have been duped will get their hard earned money back.
So far, the police has arrested the owner of the company named Raghavendra Sreenath, Narasimhamurthy, K C Nagaraj and Prahlad and other perpetrators named in the fraud. The most intriguing name, however, is Sutram Suresh who acted as the agent of the firm. Sutram Suresh is a well known sports journalist in Bengaluru city and police suspect that it was he who was instrumental in getting the sports legends into investing their money in the Ponzi scheme.
(The above story first appeared on LatestLY on Mar 18, 2018 04:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).