Investors taken for a ride by blade firm

VADODARA, July 26: Yet another case of cheating by a non-banking financial company, Galaxy Associates, having its headquarters outside the state, has come to light. The Gorwa police on Monday registered a case of cheating against its executives on the directions of the chief judicial magistrate A G Vasa.

According to police, the company opened its offices in Amit Complex in Gorwa area six months ago and appointed Jay Chand Ramkishan Saroj, R.K. Tiwari, Ranchhod Parmar, Mafatbhai Gohil, Poonambhai Parmar and S K Tiwari as its agents. They were appointed by company’s regional manager Ram Prasad Pandey and branch manager Manish Pandey. According to the FIR, the company offered attractive interest on the deposits made in the company. Small investors were attracted by high rate of the dividends to be paid by the company on maturity of the scheme. A sum of Rs. 3.39 lakh was deposited by hundreds of small investors through company’s agents during the last six months.

However, company’s executives deserted the city clandestinely after closing their one room office recently when the time of repaying to the depositors approached.