Lookout notice issued against Yash Birla

A lookout notice is a circular issued by the police, which is used by the immigration authority to check whether a person passing through any airport is wanted by the police, so that the suspect may not be able to leave the country.

The firm has been under the scanner since December last year, after a Worli-based businessman filed a complaint with the Marine Drive police, alleging that he had been cheated by the firm. The complainant had said that the firm had failed to pay him Rs 1 crore after his invested amount reached maturity. The case was subsequently transferred to the EOW and the agency had conducted raids at the firm’s offices in south Mumbai.

Murthy was produced in court on Friday and was remanded to the EOW’s custody till February 5, Sinha added.

The police said several investors had started approaching the EOW, following its action against the firm. On Friday, around 28 investors visited the EOW and met investigating officials, claiming that they had also been similarly duped by the firm, the officer said. The police is verifying their claims and is also going through the books of account of the firm.

The firm is alleged to have collected over Rs 30 crore from several investors, promising to pay them back with an interest of 10.75 per cent after a period of one year.