Friday, June 2, 2017

House of Investments cheating

House of Investments (HOI) had promised investors monthly 2% returns over their investments.

Another financial scam has come to fore in Nashik where investors with the House of Investments (HOI) — a private company that promised them monthly 2% returns over their investments — failed to get the returns promised to them.

A complaint against the company and its directors has been filed with the police. The managing director, however, said that he had no intentions of cheating and would return the money to the investor in one-and-a-half month. According to the complaint, more than 3,000 investors from in and around the district have invested money with the HOI. The company had convinced them to invest in big projects which it handled like real estate, shares and gold and had assured them interest of 2% per month over their investment. The investors, among whom are salaried persons, professionals, farmers invested their money and got the returns for the first few months. Then after the agents and the directors Vinod Patil and Sushant Kothule started delaying the payment. The investors then approached the police with a complaint.

The investors also claimed that after they approached the police they were threatened. On June 17, the company had invited all investors to attend the opening of a new office. However, angered that their money was not being returned, the investors gathered at the office of HOI at Gangapur Road and broke the glass panes.

The following day, Vinod Patil, director of HOI addressed a press conference and clarified that he had no intentions of cheating and would return the money. "I have held a meeting with the investors and have assured them that their money will be given to them as promised," Patil said. He, however, asked for time till July 27, 2016 to return the amount of around Rs 29 crore. He further said that he has handed over his passport to the police and had no intentions of running away.

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