Finance firm dupes investors

Source said that the company which has its registered office at Barailley in Uttar Pradesh, has about 182 branches in the country. It opened its first office in this region at Kalka, about three years back and the accused was appointed chief manager. It had a staff of about four persons who used to collect money from the investors with a assurance of doubling the amount in three years.

The branch office was opened in Parwanoo in October 1997 and was managed by the accused manager. The Parwanoo branch was able to collect about Rs 2 lakh from 140 investors. The company also opened branches at Kasauli and Sabatu.

Manoj Kumar, an employee of the company at Parwanoo branch office told ENS that the accused manager used to come to Parwanoo office after every three to four days and take all the collections. He alleged that the staff of Parwanoo branch had not been paid their salary for the last three months.

Manoj added that the manager had visited the branch office last on June 9.While the total amount swindled from all the branches of this area is being worked out, it is estimated that the figure is about Rs 10 to 12 lakh.