Fraud company dupes over 2000 investors in Mangalore

Fraud company dupes over 2000 investors in Mangalore

Mangalore Today News Network

Mangalore, Mar 4: The Global Index Investment Company, located in Mahendra Arcade at Karangalpady has fooled around 2,000 people who had invested their money with them in the hopes of getting their investment doubled. When the matter came to light on March 4, Friday, the investors were shocked.

Reportedly, the company, which was previously known as Index Daily, has been in existence for one year, but had stopped paying promised amounts two months back. Shekar Bhat alias Purushottam Bhat (43) of Shishila, Belthangady and Ashok Kumar (44) of Kottara, BC Road have been arrested. Around 100 people, most of them from Puttur, lodged a complaint at the Kadri Police Station.

The identity of the owner of the company is not known, but allegedly, the company is tied up with a Malaysian finance company. Sushanth, who had invested Rs. 60 lakh at the company, was the first to lodge a complaint. Sujan from Panambur also registered a complaint just a day back.

Initially, the company paid up the promised amount promptly to gain customers’ trust and to attract more customers; however, the customers were not given any receipts, only identity cards.

Praveen Shetty and Vasanth, who are also involved in the fraud, are now absconding and the police are looking for them. They are suspected to be in Chennai or Bangalore. The owner of the company, whose identity is not yet known, is yet to be arrested.

This is a major fraud as the investors have lost crores of rupees since two years.