By Express News Service
GUNTUR: Employees and agents of Happy Future Multi-purpose Cooperative Society (HFMCS) staged a protest alleging that the Tamil Nadu-based company duped them on the pretext of jobs. They also duped many customers promising high returns on fixed and other forms of deposits in the garb of multi-purpose cooperative society.
The company allegedly duped 500 unemployed youths after collecting Rs 1.5 lakh to Rs 3 lakh as security deposits, promising bright career opportunities. They soon expanded their “fraudulent financial operations” by opening around 40 branches across the State with 400 agents. The regional headquarters of HFMCS is located in Guntur.
In blatant violation of the stipulated norms, they mobilised deposits from customers by engaging the youths, promising high returns on fixed deposits and recurring deposits besides offering loans on lower interest rates.
The “fraud” came to light when some aggrieved unemployed youth complained to the police against them when the organisers stopped paying the assured wages and extend loans as promised.Irate employees and agents tried to damage office furniture. On receipt of information, police rushed to the spot and enquired the details with employees and agents
