Wednesday, March 4, 2015

Investors duped by City Limo’s fraud schemes win damages

In 21 different orders, a district forum has provided relief to investors duped by fraudulent schemes of City Limouzines (India) Ltd. While each complainant will receive their invested amounts ranging from Rs 4 lakh to almost Rs 10 lakh, they will also receive compensation. 

The South Mumbai District Consumer Disputes Redressal Forum passed the orders ex parte after City Realcom Ltd and City Limousines (India) Ltd did not file their replies and the complainants' version remained unchallenged. 

According to the complainants, the firm promised attractive financial returns through different schemes. They said that they had invested huge amounts in five-year scheme. While the returns were to be in lakhs, the firm paid them only a fraction of the amount. 

They said that a number of investors had invested their hard money, but the opposite parties did not comply with their assurance. 

The forum said that the copy of the agreement executed by the opposite parties placed on record the chart of expected amount which was to be refunded. 

The forum said that this was in contradicted the amounts actually received by the complainants.

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