Bhubaneswar: More than a fortnight after CNN-IBN exposed that Odisha-based Seashore Group had duped over 1.5 lakh investors of Rs 1700 crore, the state's crime branch on Saturday sealed the headquarters of the group in Bhubaneshwar. The company had reportedly offered investors 24 per cent interest per annum.
While the chairman of Seashore Group Prashant Das has yet not been arrested, the police had earlier detained over a hundred staff members and owners of 40 financial institutions which are now under the scanner.
When he retired at 60 in 2012, school teacher Basudev Mohapatra invested most of his retirement benefits of Rs 7 lakh with the Seashore Group that promised him a whopping 24 per cent interest annually for six years before returning his money. After a few months the interest payments stopped. The company even refused to return the invested amount. Basudev realised he had been duped.
"The company and its agent convinced us that if you keep your money in banks you will get only eight per cent interest, but if you deposit in Seashore you will get 24 per cent. Since the company was running for past several years in our area, we thought the government must have given it all due permission to operate," Mohapatra had told CNN-IBN....
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12:21 PM, May 18, 2013
New Delhi: A Rs 500 crore scam that left over 10,000 investors duped across seven states - the Delhi Police is now planning to approach the Enforcement Directorate and the Serious Fraud Investigation Office (SFIO) to get to the bottom of it. However, people who invested in the firm claim that they were taken in by the promise of quick returns. After being duped, the investors formed a group on...
07:24 PM, Nov 13, 2012
