Financial firm dupes over 1 thousands depositors

HYDERABAD: A city-based financial service company has duped thousands of its customers to the tune of Rs 10 crore. Nine of the victims, who had deposited money with City Financial Management Services, approached the Central Crime station (CCS) police on Tuesday alleging that the owner of the firm, V Sai Ramesh, had duped them in the name of a money deposit scheme.
The victims claimed that in November 2011, Ramesh started a new money deposit scheme in which a depositor had to invest an amount between Rs 3,000 and Rs 12,000 and were promised huge amounts in return for the next 10 months. For instance, if a depositor invested Rs 3,000, Ramesh would give back Rs 1,500 every month for the next 10 months.
After a depositor makes an investment, Ramesh used to email a login ID and password to the depositor. Using the login ID, a depositor could enter the database and click on advertisements of various products visible on the company website to get some fixed amount of money, which would be deposited in the account of the depositor.
As Ramesh was returning the promised amount promptly, the number of investors swelled to over 1,000 and some people even invested over Rs 10 lakh, CCS additional DCP Jaffar Javed said.
Everything was fine until a week ago when Ramesh stopped coming to the office. Some customers grew suspicious as they did not receive the monthly return from the company
and visited the office located at flat number 402, Surabhi Sapphire Apartments near RTC X Roads. Since Friday the office remained closed and Ramesh switched off his mobile phone. On Sunday, some of the depositors approached the Chikkadpally police, who directed them to the CCS.
Based on the complaint lodged by Venkata Ramana, Mallesh, Bhaskar and others, the CCS police have booked a case under Sections 420 (Cheating), 406 (Criminal breach of trust) of IPC and Sections 3 and 4 of the Prize Chits & Money Circulation Act 1978 against Ramesh and launched a man-hunt to nab him.