The Hindu : Karnataka / Bangalore News : Another firm raided, director arrested

Online edition of India's National Newspaper
Friday, Jul 29, 2005

Karnataka

Karnataka - Bangalore

Another firm raided, director arrested

Staff Reporter

BANGALORE: The Girinagar Police on Tuesday raided Annapoorneshwari Foundation Trust, an alleged money-doubling firm, and arrested one of its directors.

The police said Annapoorneshwari Foundation Trust, which had its office near the Avalahalli BDA Park, was accepting Rs. 666 each from depositors by promising them to pay Rs. 1,400 after four months.

After the Viniv Inc "scam" came to light and the police launched a crackdown on money-doubling firms, Annapoorneshwari Foundation Trust had closed shop. The police were on the lookout for the three directors of the firm, Shiva Kumar, Krishna and Jayanthi.

On July 26, the police learnt that Jayanthi (39) was at her house in Raghavendra Block in Srinagar and took her into custody. The Girinagar police have registered a case and are on the lookout for Shiva Kumar and Krishna.

Annapoorneshwari Foundation Trust, which was started in January, is said to have taken deposits of nearly Rs. 1 crore. But the police said they are yet to verify the amount the public had invested with the firm.

Incidentally, Jayanthi's house is near that of K.N. Sreenivas, the main promoter of Viniv Inc group of companies, who is at large. Sreenivas was a resident of Muneshwara Block that adjoins Raghavendra Block. Both of them are from Kolar district.

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