Investors seek CBI probe into ponzi scam

Investors seek CBI probe into ponzi scam

The Karnataka High Court has issued a notice to the state government, Udaygiri police, Mysuru, and the Central Bureau of Investigation while hearing a petition filed by a group of investors in Ambidant Marketing Private Limited, seeking CBI probe into ponzi scam.

Justice B Veerappa was hearing a petition filed by Nafees Pasha and 19 others, seeking directions to the Udaygiri police to hand over the investigation of the case to CBI.

The petitioners had invested money with the Ambidant company in the ‘Bhandhan Plan’, under which the company assured the investors of an income of Rs 9,000 to 10,000 every week for every one lakh rupee invested. After collecting huge amounts from investors, the company suddenly closed down.

The petitioners had approached the Udaygiri police, who refused to entertain the complaint.

Thereafter, the petitioners approached the Mysore JMFC court and filed a private complaint. The court then directed the police to investigate the matter and submit a report.

Following this, the police registered an FIR. The petitioners then approached the high court stating that the police will not be able to investigate the matter as the company and its directors are politically influential and the investigating officer cannot conduct the probe in a fair manner.

Thus, the CBI is the proper investigation authority to investigate the scam amounting to around Rs 300 crore in Karnataka and other states including Telangana and Tamil Nadu, the petitioners submitted.

No permission from SEBI, RBI, say petitioners

The petitioners further contended that the company has not obtained permission from the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) to obtain deposits directly from the public and such act is in violation of the guidelines of SEBI and RBI.

The petitioners have also sought for directions to freeze the bank accounts of the Ambidant company across the country and to seize the passport and visas of its directors till the investigation is completed.