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Investors ‘duped’ of over Rs 20 cr take out march

BATHINDA: Members of the All Investors Organisation Punjab and Haryana on Monday took out a protest march from Amrik Singh Road to the District Administrative Complex and submitted a memorandum of demands to the SSP.

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Tribune News Service

Bathinda, April 22

Members of the All Investors Organisation Punjab and Haryana on Monday took out a protest march from Amrik Singh Road to the District Administrative Complex and submitted a memorandum of demands to the SSP.

The organisation members said owners of a Jaipur-based private investment firm had duped more than 200 investors of over Rs20 crore.

Raising slogans against the administration, firm owners and the police, the members started their protest march from near Gol Diggi and after passing Mall Road, Hanuman Chowk, Fauji Chowk and Court Road, they reached the District Administrative Complex.

The protesters said the firm owners had deliberately hired local people as promoters and partners in different parts of the region to lure investors in large numbers. They said once the firm owners managed to get money from investors they refused to return the money.

Sadhu Singh, president of the association, said, “Promoters working at the local offices in different districts of Punjab and Haryana of a Jaipur-based firm, Credence Buildtech India Ltd, lured many people to invest their money in the scheme that offered 12 per cent annual interest on investment. A majority of investors had invested money in 2012 and the investment firm had promised to pay the money, including interest in 2017. But even after approaching them many times, they did not give our money.”

Sadhu Singh added, “The police have registered an FIR against the accused, including managing directors and promoters of the firm, in March this year. But they have not been arrested so far. We have submitted a memorandum of demands to the SSP in which we have requested him to ensure that we get our invested money back. We have also demanded the arrest of the accused.”

Malkit Singh Pathrala, another investor, said, “I had invested Rs 4.5 lakh in 2012 in the firm. Though seven years have passed, I have not been returned even a single penny by the firm. There are investors who had invested Rs 30 to Rs 35 lakh in the firm. There are approximately 200 investors from Bathinda, Abohar and Dabwali alone who have invested more than Rs 20 crore in the firm.”

Pathrala said, “What is ironical though is the fact that police personnel instead of arresting the accused, have started subjecting the investors to unnecessary scrutiny now. The police have been asking us to tell them the source of income and how we have managed to gather this money. Instead of taking action against the accused, the department is busy harassing the victims. We want the administration to take appropriate action against the accused and investors, who have already lost so much money, must not be subjected to any sort of scrutiny or harassment.”

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