30 Crore Scam Exposed in Udupi!

By Snehalatha, Udupi
Bellevision Media Network

Udupi, 11 June 2011: Though so many scams and cheating cases get exposed every now and then, the desire to make easy money never gets satisfied with the people. Such a scam has taken place in Udupi and hundreds of people are worried that they might loose crores of rupees. Udupi Police have arrested a youth for trying to cheat people who collected money convincing them that he will invest it in the stock market and get profit.

 

Vignesh

 

The youth Vignesh Aythal originally from Kumbashi, Kundapura Taluk, have received crores of rupees from about 350 people and had assured that he will double it in 10 months time by investing in share market. So far the Police could not estimate total how much money he has collected from the people. For the time being they have registered FIR that he has collected from 350 persons approximately 10 thousand per person in total about 35 lakhs.

 

Aythal is running a shop namely Adithya Bio Confirm, selling Bio products in Mandovi Court Building located in Court Road Udupi. Along with this he is involved in stock market business since 2008. Most of the money he collected from his clients, he used to invest in foreign share market (Forex). In the initial 2 years for every 1 lakh investment he has returned 10 thousands per month every month, and had returned twice the invested amount back.

 

But recently he has reduced paying the money every month. Even though he was paying every now and then he was not paying the amount he had promised. In the last 2 – 3 months when he did not pay any amount to anybody, his 4 – 5 clients together gave police complaint. Accordingly Police have taken him into custody and upon enquiry they collected 35 lakhs and returned the amount to the clients, and accordingly registered the case.

 

But as per the saying of the clients he has collected more than a lakh rupees from each client, there are some who even invested 10 – 15 lakhs. So far 350 clients are accounted. If the investment of all of them are added, then he has collected more than 25 – 30 crores of rupees. Even Police have this doubt, but they say that, if every client declare the details of their investment correctly, then the correct amount can be found out. The case is being investigated by S.P. Dr. Ravikumar himself.