Andhra Pradesh - Visakhapatnam   

Depositors cry foul

Staff Reporter

`Finance firm owner does the vanishing act'

VISAKHAPATNAM: A few depositors in and around Gajuwaka seem to be in trouble.

According to the Gajuwaka police, over a thousand people, mostly residing in the Gajuwaka area and a few in the city, deposited an amount of Rs. 6,000 each at SIRI (Swamy Image Resource Implementation), a finance company based in Gajuwaka, with the lure of making Rs. 11,000 in10 months.

Basing on a complaint filed by two depositors, the Gajuwaka SHO Ravi Varma visited the office of the financier to find that the owner J.K. Swamy had been absconding since last one and a half months. The show was being run by clerks, said the SHO.

So far, no arrests had been made as the identity and authenticity of the company was yet to be established.

The SHO was critical in suggesting that the depositors should have made a proper enquiry about the company, especially when finance frauds were on the rise.

Probe on

"How can people accept the theory that an amount can be doubled in 10 months? However, we have started our investigations and are in the process of ascertaining the amount and the number of persons involved," Mr. Varma said.

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