Kakinada Police Book Genesis; Investors Allege Multi-crore Fraud
According to complainants, the company lured investors by promising monthly returns of ₹30,000 to ₹40,000 on an investment of ₹2 lakh. It offered to double investment of ₹6 lakh within 20 months.
Kakinada: Hundreds of investors staged a protest on Tuesday outside the office of Genesis, a firm of Kakinada, alleging that it had collected about ₹400 crore from thousands of customers promising high returns before shutting down operations.
According to complainants, the company lured investors by promising monthly returns of ₹30,000 to ₹40,000 on an investment of ₹2 lakh. It offered to double investment of ₹6 lakh within 20 months.
Investors claim that the firm collected money from around 3,000 customers through various investment schemes before its proprietor P. Moses absconded. Victims say Moses established the company a year ago promising unusually high returns.
One investor claimed that he initially invested ₹1 lakh and received great monthly returns. He then invested an additional ₹3 lakh and prompted five others to invest in the scheme.
According to complainants, they have learnt that the company is likely to close its office. They have thus gathered before the office to demand their money back. Tense situation prevailed outside the Genesis premises as crowds gathered.
Sarpavaram police reached the spot and brought the situation under control. Sarpavaram circle inspector Ch. Prakash said a case has been registered after receiving a complaint. They have started investigating the case.
