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Ex-director of Birla firm held in cheating case

The police had booked the firm under various sections of the Maharashtra Protection of Interest of Depositors Act.

Mumbai |
Updated: February 6, 2014 12:38:47 pm

The Economic Offences Wing (EOW) of Mumbai police Thursday arrested the former director of Birla Power Solutions Pvt Ltd in a cheating case registered in December last year. The arrested official, PVR Murthi, will be produced before the court on Friday.

EOW officials said the case related to a Worli-based businessman, who was not paid Rs 1 crore after maturity of his fixed deposit investment.

On December 31, the businessman had filed a cheating case with the Marine Drive police against the company.
The police said that more than 12 people had approached them to complain about the “dubious” scheme and the amount involved in the case had gone up to Rs 21.66 crore. The case was later transferred to the EOW.

According to the FIR, in February 2012, the victims invested in a fixed deposit scheme in which they were promised a return of 10.75% after a year. The police said over Rs 300 crore was collected under this scheme.

When investors did not get either their returns or investment amount till March this year, they panicked. After the end of the maturity period, they waited for their returns, but the firm did not respond.

Their attempts to meet the company officials did not succeed, the police said.

The complainants said directors who were part of the company’s board at the time of floating the scheme had resigned and the new directors were not talking.

The police had booked the firm under various sections of the Maharashtra Protection of Interest of Depositors Act.

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