In the name of doubling investment along with high interest on the maturity amount, a private company duped several people in the city and its proprietors escaped with Rs1.5 crore. A case of fraud was lodged with the MP Nagar police after a Sehore-based victim lodged a complaint of fraud. According to the police, Sai Prakash Property Developers duped more than three dozen persons to the tune of Rs1.5 crore in the name of doubling, but after the maturity of the amount the company refused to pay the amount along with the dividend and interest.
In the FIR registered, 6 people have been named based on the complaints by the victims, who were duped by the same company. To date, around 37 victims have surfaced and police suspects that more victims might report their complaints after the matter into light. The six named in the FIR are Ranvijay Pratap Baghel, Mrigendra Singh, Devendra Singh, Puspendra Singh, Puspanjali Singh and Shailendra Singh.
Ramesh Verma a resident of Sehore lodged a complaint with the MP Nagar police regarding the fraud in which he claimed that around 37 investors have been duped to the tune of Rs1 crore. The company operated through its regional office at MP Nagar Zone II. Station House Officer MP Nagar Brajesh Bhargava said that the victim has provided detail of investment of other investors, who have been investing in the schemes of company for the past 4-5 years.
The investors panicked after the company officials refused to pay the maturity amount. The investigation has been started regarding the claims of the victims. It is possible that more victims would surface and the amount cheated by the company would go higher. The police have registered a case under section 420 and have started further investigation.