Finance firm 'dupes' investors of Rs 1.5 cr

 An investor in a private finance company has lodged a complaint with the Indiranagar police, alleging that the firm had cheated hundreds of people who invested nearly Rs 1.50 crore in it.

Freedom Venture Capital and Finance has also been charged with not paying its 300 staff members their salaries for the past six months.

In his complaint, Mohanraj has accused the firm, established in February 2012, of having lured people into investing in the company by paying a membership fee of Rs 600, which would entail them to avail interest-free loans.

Financial benefits

The company, which had exhorted the members to deposit more money to help them get financial benefits, had withdrawn the money from the banks where it was invested and cheated them, the complainant has alleged.

The company, started by Praveen and nine others, had 18 branches in Kolar, Malur, Chintamani, Bangarpet and other places.

The firm shut down in December and its promoters ran away without paying salaries to the staff or returning money to the investors.

Around 30 people, who gathered at Indiranagar police station to stage a protest, were convinced by police officers that the culprits would be arrested at the earliest.

Ramesh, an employee of the firm, said: “We have written to Home Minister K J George and the City Police Commissioner, Raghavendra Auradkar, asking them to help us in getting back our money.”

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