Investors stage protest against fraud finance firm | delhi | Hindustan Times
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Investors stage protest against fraud finance firm

delhi Updated: Sep 11, 2010 00:39 IST
HT Correspondent

Violent protests erupted outside the office of an allegedly fraud finance company in southeast Delhi's Ambedkar Nagar area on Friday, police said.

The incident took place after scores of investors realised that the company was run by a conman who duped them of their hard earned money in small installments over the years.

"The disturbance was reported at the central market in Madangir area when a group of people who claimed to have invested R 50,000 each with the 'Anand Jan Seva Samiti', a financial company promising to treble the investments in three months time, found the company's vacant office locked," a senior police officer said.

Scores of investors started shouting slogans against the company's owner — Anand Swaroop Arora, a resident of Madangir — when they found that his office was locked.

"To lure the people, Arora came out with an innovative modus operandi of giving surprise gifts to his investors, due to which more people invested into the scheme," the officer said.

The police also said that the investors decided to gherao the company's office after hearing that it had been locked for the past few days. "They descended on it on Friday, shouted slogans and pelted stones. We managed to reach the spot and pacify the crowd after the local residents informed us about the incident," the officer added.

According to the police, a sub-inspector, head constable and three constables have been suspended for showing negligence in investigating the matter despite repeated complaints from investors. A case has been registered at the Ambedkar Nagar police station.