Mysuru consumer forum convicts private finance company directors

MYSURU: In a striking judgment Mysuru District Consumers forum on Saturday convicted one A L Nanjundaraje Urs and nine others to a three imprisonment and Rs 10000 fine for cheating many people by promising them good returns on the investments made by consumers.
According to forum sources, Nanjundaraje Urs who ran a private finance company called "Chanakya finances" collected deposits from the people and failed to return the deposits after the maturity period.Following the finance company's failure to return the deposits, more than 650 consumers approached the district consumer forum and filed a petition alleging deficit service on the part of the finance company. Forum directed the company to pay back the money deposited by the consumers and the company violated forum's order. Even execution orders passed by the forum were never implemented.
Mysore Garahakara Parishat (MGP) member G L Nagaraj Urs who took up the case of the depositors through MGP said 57 consumers filed a case against the company alleging its failure to abide by the forum judgment and the forum in return in its fresh order said the company directors are leading a luxurious life from the money collected by the consumers and failed to return the money deposited by the deposit holders. "In the wake of all these developments the forum reiterated its judgment and refused to show an leniency in the sentence and penalty" he claimed d adding that forum directed the district administration to implement the judgment .
Based on the orders of the district forum, the police arrested nine of the company director and sent them to jail. Nagaraj Urs said the district administration is reluctant to confiscate the properties owned by the company directors and auction them to return back the money of depositors.