The R.T. Nagar police have booked six representatives of a finance firm, Baraka Investment Consultant Pvt. Ltd., for allegedly duping hundreds of investors of several crores.
The police have taken up the case against them based on a complaint filed by one of the investors, Syed Nizamuddin, 45, a businessman who claimed to have been cheated of ₹25 lakh.
No arrests have been made. In his complaint, Nizamuddin said the company, which has offices on CBI Road in Ganganagar, encouraged people to invest in their schemes. “They had promised monthly returns between 12% and 24%,” said the police.
From late-2018 to the beginning of 2019, people invested amounts ranging from ₹50,000 to ₹50 lakh. “The complainant alleged that investors stopped getting returns in 2019. On being questioned, the management sought time and promising them that they would pay back all the invested money along with a huge profit,” the police added.
According to Nizamuddin, around 1,000 people had invested in the company, which has now shut shop. “Though the company has shut down, prima facie we learnt that the staff were returning the investors’ money slowly. However, we are probing the case,” the officer said.