Thiruvananthapuram: Tension prevailed at Palukal in the Kerala-Tamil Nadu border area of Kanyakumari district on Thursday as scores of investors of a private financial firm blocked the road in front of the firm alleging that its owners had cheated them by not returning the deposits. The firm's promoters were alleged to be absconding. While Palukal police maintained that they had not yet received any cheating complaint against the firm and were not aware whether its promoters were absconding, local sources said that several investors had filed the petitions with the police on Thursday and that the police had even issued receipts.
The promoters of Nirmal Krishna Nidhi Limited, a decades-old firm involved in chit funds and deposit collection, had filed an insolvency petition at Thiruvananthapuram sub-court and a lawyer notice in this regard was pasted in front of the firm, it is learnt. This also triggered the protest. The company's promoters were not available for comments. The depositors blocked the Parassala - Karakkonam stretch as the firm remained closed on Thursday even after the Onam holidays were over. They alleged that the firm did not return their deposits despite repeated requests.
According to sources, the firm had collected deposits to the tune of many crores from various persons, including business persons and politicians, in Kanyakumari and Thiruvananthapuram districts. It was said to be operating strongly in areas like Chalai market through agents. "The firm used to offer returns to the tune of Rs. 1,400 per month per Rs 1 lakh deposit. It also used to prompt the investors to convert the monthly payment from deposit as chitty payment so that the amount could be retained by the firm itself.
According to the information available on some financial portals, the directors of the firm are Sukumaran Nair Mahesh Kumar, Karunakaran Nair Santhi Kumari, Kumarapillai Ajithkumar, Rajalekshmiamma Ushakumari, Rajalekshmiamma Remadevi, Rajalekshmi Amma Jeya, Krishnannair Nirmalan and Sukumaran Raveendran. The main promoter of the firm was said to be Krishnannair Nirmalan who has investments in other businesses, including a leading optical shop chain in the city, said sources.
