Case registered against ‘fraud’ firm
The city police on Wednesday registered a case against City Financial Management Services, a financial institution, and its owner, for allegedly duping nearly 500 investors through a deposit scheme. The detective department had registered a case of cheating against the firm, said P.J. Victor, deputy commissioner of police.
The company was started last year by a person called Ramesh, who is said to have collected crores of rupees from investors, opened three more firms — City Inform Solutions, City Info Adds and Yagna Chit Funds Pvt Ltd — promising attractive returns and then disappeared. A case had been filed against him and others under Sections 420 (cheating) and 406 (criminal breach of trust) of IPC, and Section 3 and 4 of Prize Chits and Money Circulation Act 1978, said the DCP P.J. Victor.
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