Karnataka - Hubli-Dharwad   

Managing director of firm held

Staff Correspondent

DHARWAD: The Dharwad police claim to have busted a racket in which investors have been duped of over Rs. 2 crores.

Speaking to presspersons here on Thursday, Hubli-Dharwad Police Commissioner Narayan Nadamani said Basavaraj Vibhuti, managing director of a firm in which people had invested money, and two directors have been arrested.

Acting on a complaint by Channabasaiah Hiremath, the police have so far recovered jewellery and a vehicle worth Rs. 6 lakhs from the houses of the accused, he said.

Mr. Nadamani gave the names of the accused as Vijay Tikare, Chairman, Vishwas Poultry and Farms; Basavaraj Vibhuti, Managing Director; and directors Suresh Tikare, Arun Narayan Tikare, Prabhu Prasad, Amar M. Hattarki, P. Raghu, and Madhurao Anegundi.

What is interesting in the case is that Madhurao Anegundi, a director of the firm, has also been duped as he has invested Rs. 13 lakhs in various lottery schemes, Mr. Nadamani said.

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