Andhra Pradesh - Guntur   

Case booked against firm doing business in shares

Staff Reporter

GUNTUR: A case of cheating was booked against a firm doing business in shares and debentures upon a complaint lodged by a person at the Arundulpet police station here on Thursday.

According to the West zone Circle Inspector V. Bhasker Rao, a complaint was lodged by A.V.Krishna Rao who alleged that he had given his shares to the manager of the firm to sell them at a higher price.

However, the manager was not giving a proper response whenever he approached him. It was also alleged that he had taken Rs.50 lakhs from his friends. The police suspect irregular financial transactions involving huge amounts done by the firm. They were investigating the bank transactions of the firm and have closed down its office.

There was nobody willing to lodge a complaint as many did not possess documents of payments. "We have initially booked a case under Section 420, but will include other Sections during the course of our investigation," Mr. Bhasker Rao said.

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