Kasargod: Company cheats depositors to the tune of Rs 400 crore, one held
Stephan Kayyar
Daijiworld Media Network – Kasargod
Kasargod, Jul 18: Global Trading Solution company operating in Kasargod as its center has reportedly duped several depositors from various parts of the state to the tune of Rs 400 crore, after promising double returns on their fixed deposits.
Police have arrested Sajith (29) from Manantawadi in this regard.
In Trishur district alone, customers are said to have been duped of Rs 50 crore. Police have received information that the prime accused in this case have fled abroad.
The company first promised its customers a 10 percent profit through exchange of foreign currency and later promised double the amount. In this regard, around 29 members filed a complaint in Trishur east police station.
Sadiq from Kasargod was the director of this company, while his wife Khadija Nausha, Abdul Nasar from Ernakulam, Usha Kumari from Chervattur among others were on the board of directors.
As per the information obtained, the company assured people from several districts that they would be given 7 to 10 percent profit on deposit, and that they would also get the profit amount along with their deposit amount within 150 days.
The company thus received deposits from people of Trishur, Ernakulam, Mysore, Pallakad, Bangalore and other places. In the beginning, the company paid the amount to the customers as promised, which won over their confidence, it is said.
On December 1, 2011, the company had called a meeting of all its depositors in a school at Kasargod, where they collected the deposit receipts from them. Thereafter, they disapppeared.
The anxious depositors then tried to find out about the company and realized that they had been duped. Through investigation it was learnt that Global Trading Solution company in Kasargod was merged with a company in Dubai and the depositors' money was also transferred.
Directors namely Sadiq, Khadija Nausha and Sudheer have fled to a foreign country. More than 100 cases of fraud have been lodged in various police stations and more arrests are likely in the coming days.