The firm had announced several attractive schemes on its website and invited deposits from the public. But following complaints from the public, City Police Commissioner Shankara M. Bidari wrote to the Corps of Detectives(CoD).
Reserve Bank of India, Registrar of Cooperative Societies in Karnataka and the Department of Income Tax and urged them to look into the firm’s financial activities. The Police Commissioner also advised the public, through the media, to be cautious while depositing money.
“In response to our efforts, Chairman of the firm, Mr. S.M. Masood, and(his) advocates met me here on October 30, 2008 and accepted their-mistake. They also assured me they would stop accepting deposits from the public, ” Mr. Bidari told press-persons here on Tuesday.
“The company has not obtained licences from the regulatory bodies-under the Non Banking Finance Company Act. The police department took-some initiatives. s this company too should not go the way of VinivInc, Darshanika, Quest or similar enterprise where people have lost heavily after investing money, ” he said. So from the above news copy from the HINDU website clearly say that Hard earned money should be invested carely. Just don’t fall prey to someone. If your money is really precious then don’t invest in this company.