Why were complaints not lodged in June: Investors

NASHIK: Even as the police on Saturday registered a case against 10 persons from the House of Investment in the multi-crore investment scam, depositors feel the police took its own sweet time to register an FIR against the accused.
Around 100 such duped investors had approached the police in June to address the issue but were not entertained. Had the police initiated action against the accused back then, investigation in the case would have speeded up, the investors said.
"After the investors brought the matter to the attention of the police, the police held a meeting with the accused and the depositors.The company promised to pay the dues, following which, the police let them off scot-free. But the accused failed to do so and have been absconding," one of the duped investors said.
Ganesh Kathe, another investor who deposited Rs 11 lakh with the House of Investment said, "We can understand that the police took time to first understand the case before taking any action. But the accused even duped the police and the media by addressing them and promising to pay the dues. They had even failed to show evidence of the property and the amount invested by the depositors."
The police should have acted promptly instead of delaying the matter, he added.
In response, a senior official from the Economic Offences Wing (EOW) said that before taking any action against the accused in economic offences, it is mandatory to verify the technicalities. "The data, registration of the company, type of cheating and kind of financial transactions have to be studied in detail before any case is built," he added.
The official further said that the asset details, number of investors and breach of laws or norms based by various government agencies also have to be considered. "Gathering such information before booking the accused helps to slap the concerned sections on them and ensure that no loopholes are created that could benefit the accused," he added.