The investors have complained that they have been waiting for their returns for the last five years and the company has not been responding to their pleas.
BENGALURU: A new Ponzi scam has surfaced with four investors filing separate complaints against Chennai-based Vishwapriya Financial Services, whose seven promoters allegedly siphoned off investors’ funds before absconding.
The investors have complained that they have been waiting for their returns for the last five years and the company has not been responding to their pleas.
The police said that the company raised money by offering non-secured debentures.
So far, four investors have filed complaints at Girinagar and Siddapura police stations, saying that they have lost a total of Rs 1 crore.
More complaints are expected and the amount involved is likely to go up further, the police said.
DCP South Harish Pandey said that the FIRs name company officials Subramanian R, Narayanan R, Raja Rathnam, Raghavan T S, Srimathi, Rajendra Kumar and Sadananda P as the accused.
He said that the firm collected deposits from several people but did not repay either the interest or principal amounts as promised.
It is not like the I Monetary Advisory (IMA) scam of 2019, where chain link and commission-based transactions were done, he added.
A senior police officer from Girinagar police station said that two people, including a woman, filed complaints at the police station.
The company had a branch on MG Road, but was shut a few months ago, he added.
One of the victims, Indira, said, “I did not receive the interest for the deposit. When I enquired, the agents, who had collected the amount, told me that Subramanian and the other accused had swindled the money and had absconded.”
