Thursday, 17 April 2014 - 8:45am IST | Agency: DNA
The
south Mumbai district consumer forum in its recent orders directed the
directors of two finance companies -- City Realcom Ltd and City Limouzines
Ltd, to pay back the invested amount to 10 investors, after the
complainants had approached the consumer forum. The forum has ordered
the two finance companies to pay approximately Rs4.5 lakh along with the
compensation cost of Rs8,000 toward the delay and litigation cost of
Rs2,000 to the investors.
The
two finance companies were in news from 2009, when the firms had
allegedly duped investors by floating Ponzi schemes. The Economic
Offence Wing (EOW) arrested the two directors, Gita Rajaki and Masud
Khan, in 2012 and both are behind bars.
In
2011, 10 investors from Mumbai and Nasik, had approached the consumer
forum pleading them to direct the firms to pay back the promised amounts
along with the compensation for the lapse. According to the
complainants copy, the firms had promised the investors to pay huge
amount of returns if the investors engage their money with the firm.
The
consumer forum in its orders maintained, "According to the
complainants, they had engaged their hard earned money and accordingly,
had invested in the schemes, however, the company duped their money."
The
forum after going through the complaint has issued a notice to the two
directors and had asked them to file their replies, however, none of
them responded to the notice. Hence, as the complaints were
unchallenged, thus the forum ordered the two firms and their directors
to pay an approximate amount of around Rs4.5 lakh to the complainants
along with compensation of Rs8,000 towards the delay. The forum also
directed the firms to pay an additional amount of Rs2,000 towards the
complainant's litigation costs.
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