Register FIR, probe investment firm, Madras high court tells Tamil Nadu police – Times of India

Chennai News

CHENNAI: The Madras high court has directed the Tamil Nadu police to register an FIR and probe the alleged ₹6,000-crore scam by a Vellore-based investment company.
Justice N Sathish Kumar passed the interim order on a plea moved by P Karthik, a resident of Chennai, after he complained that he had been cheated by the company.
According to the petitioner, he was introduced to one Mohanbabu Vijayan by one of his friends. He was told that Mohanbabu Vijayan along with Janarthanan Sundaram, Vedanarayanan Sundaram and Lakshminarayanan Sundaram were partners in a stock investment agency ‘MARC.’
On their promise to provide more than 26% return per year and minimum 2% return per month on the money invested in their firm, the petitioner invested more than ₹2.5 lakh in the company. Besides the investment, he also introduced his acquaintances to the firm for a commission.
While they were receiving the returns promised regularly, it stopped from June. When the petitioner and others accosted Mohanbabu, he claimed that there were some audit problems in the company and that the payouts would resume in July.
Since they did not receive any payout till July 25, the petitioner and others tried to meet Mohanbabu and his partners. However, they were unable to reach them. Aggrieved, the petitioner made a representation to the DGP and Chennai commissioner. Since no action was taken on the representation, the petitioner has moved the present plea.