Ponzi scheme lures investors with cars, plots

In yet another Ponzi scheme case, a private investment firm in RT Nagar has been booked on charges of cheating investors.

The RT Nagar police booked Himmel Advisory LLP, its owner and others on charges of cheating several people by promising nearly 40% monthly interest. The office is located at Thimmaiah Garden in RT Nagar Main Road.

Naushad, a resident of New Gurappanapalya, lodged a complaint alleging that the firm’s owner Naziya Sirajuddin, her brother Mohsin and others promised high returns and that when he demanded his money back, threatened to file false cases against him.

Naushad said he had invested Rs 4 lakh in the company from January on various occasions but despite several requests, his money was not returned. He alleged that the accused also started to issue death threats when he persisted. When he visited the company last week, the office was found locked and the accused had switched off their mobile phones.

It was alleged that the investors were lured with cars and residential plots if they achieved certain targets.

The accused are absconding and efforts are on to nab them. Police said they were in touch with some investors and gathering information.