No breakthrough in Noida forex firm scam
Shaken investors, who kept pouring in from different parts of the country, are in for a long haul, the police have hinted.delhi Updated: Jan 13, 2011 00:29 IST
Shaken investors, who kept pouring in from different parts of the country, are in for a long haul, the police have hinted.
Teams of Noida police failed to make any headway in the EndMark Forex scam with the firm’s director and his associate still at large after having duped hundreds of investors of crores of rupees.
Two days after the company’s office in Sector 62 was found shut following snapping of all communication lines earlier, leaving investors in the lurch, police officials now hint the duo may have embezzled more than R500 crore.
Amid more complainants reaching the Sector 58 police office and the firm on Wednesday, police questioned Neha Chauhan who was associated with EndMark Forex’s promotional activities.
In view of the rising number of complainants, the Sector 58 police station has also deputed an officer who will take complaints and keep the victims posted about case progress.
Deputy superintendent of police VC Tripathi told Hindustan Times, “We’re questioning one of the accused in the FIR, Neha Chauhan. She said she was just an employee of the company and she too had, in fact, invested money.”
Neha did not divulge much about the working of the company and the whereabouts of the main accused. Neha’s husband, Naresh Chauhan, both residents of Delhi, has also been taken into custody.
Employees of the fly-by-night company providing foreign exchange trading services “deserted” their office on Monday night. They used to “seek investments” from people across cities, promising “hefty returns”.
When payouts stopped and phone calls were not answered, a group of investors reached the office. Dozens of them have so far approached the police.
Senior superintendent of police (SSP) Amitabh Yash said, “The case is being investigated. It will take some time for us to make headways. As of now, there is not much information on the main accused — director Mayank Gupta and his partner Dipanshu Aanand. All addresses and locational information mentioned by the two in documents have been found to be fake.”
The SSP said separate teams had been pressed into service. “We will soon get them,” he said.
The company offered people to invest in rupees, promising to invest the money in financial businesses worldwide.
Cops probe UK, US link with firm
Noida: The police are still trying to establish if EndMark Forex is actually a global firm with offices in the US, the UK and Hong Kong (as claimed by its website) or the addresses and contact number of foreign offices was a fraud committed at the level of Mayank and Dipanshu to lure investors.
Senior superintendent of police (SSP) Amitabh Yash said, “Prima facie, it looks like the foreign contacts were created to lend authenticity to the plot. We’re in the process of verification.”
Preliminary inquiry by police revealed that the UK office of the company has also been shut.
The company claimed to have its research centre in Houston, a training centre in London and a business development centre in Hong Kong.