Man dupes investors of Rs 300 cr

Man dupes investors of Rs 300 cr

The Nazarbad Police, on Friday, arrested B L Ravindranath, 37, whose company — Green Buds Agro Farms Limited, had defrauded five lakh depositors across the State collecting deposits to the tune of Rs 300 crore.

The elusive managing director was running his company at Madhwesha Complex on Male Mahadeshwara Road, Nazarbad. Police Commissioner M A Saleem said Ravindranath was produced before the magistrate at the latter’s house on Saturday, and remanded in judicial custody, overruling the prosecution’s demand for police custody.  While General Manager Gayathri, a co-accused, still remains at large.
Ravindranath, who had been running the company for the past 14 years had opened nearly 75 branches across the State, with the head office in Mysore City. He had another branch on Theobald Road, Nazarbad.

Of the total five lakh depositors who had invested in the company, he had paid the amount (as per the scheme) to 60,000 depositors. He had hugely invested in real estate.

‘Schemes’

Ravindranath had lured the gullible depositors with schemes like pigmy, recurring deposits and fixed deposits. Under pigmy account, he had promised to pay the amount on maturity after three years with 25 per cent rate of interest, and double the amount invested in FD on maturity after five years.

He had purchased close to 400 acres of land in various parts of Mysore and Chamarajanagar districts. Among several branch offices he had opened, around eight to ten were his own buildings.

Two months ago, when Ravindranath failed to pay the amount on maturity, petrified investors began to throng his office. Some also went to his house at Sardar Vallababhai Patel Nagar and stoned the premises when he failed to turn up.

One such investor Joyappa of N R Mohalla, lodged a complaint with the police blowing the lid off the company.

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