Kim ponzi scam value reaches Rs 12cr

Ahmedabad: Another FIR of cheating has been filed against promoters of Kim

Infrastructure

and Development Limited for alleged cheating of Rs 13 lakh on the pretext of giving double and triple returns on investment. With this, the total scam amount reached nearly Rs 13 crore as already eight agents have complained of losing nearly Rs 12 crore in the FIR lodged with Vadaj police on Saturday.


The new FIR against the company filed by a resident of

Maninagar

, Pritin Patel, 51, stated that he was working with Peerless Investment company from 1989 to 2009. After the company got closed in 2009, his superiors in the company named Malay Banerjee and R P Dasora had asked him to join Kim Infrastructure and Development Limited which had its office near Income Tax circle in the city. The duo told him that the company gives 1.5% to 2% more interest on investment than any public sector bank. With the invested money, the company buys immovable properties. The duo told Patel that the company had 140 branches in 10 states and was working in accordance with Reserve Bank of India. They convinced Patel to join the company as an agent in 2011.

Patel was also told that the company provided land or other immovable property to its customer at very cheap rates. The company promoters also stated that an agent working with them can get an interest of 5% if he invests money with them. In 2011, Patel invested an amount of Rs 13 lakh with the company which had its maturity date in 2017. But when he sought to get the money last year, he was told by the company to invest the amount again with the company so that he could get return of Rs 16.25 lakh in 2019.

Since August this year, the company promoters and their

Gujarat

representatives have gone incommunicado. When Patel probed further into the case, he came to know that eight more agents like him had been cheated of by the company to the tune of Rs 11.87 crore.

Police have booked seven persons including promoters Kanchan Dutta, Ravindersingh Sandhu and K S Bal along with their representatives Malay Banerjee, R P Dasora, Khajan Singh and Pritesh Mehta.

The scam came to light after a man from Vadaj approached police with a complaint of cheating against five persons who had promised him a return of Rs 15.60 lakh on a fixed deposit (FD) of Rs 13 lakh. Police also suspect that the scam may reach to over Rs 200 crore as around 5,000 agents were working for the company in Gujarat.


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