Another finance firm cheats people

Hyderabad,Nov 7: A private finance company has allegedly cheated more than 1,500 people to the tune of Rs18 crore in the city.Police said on Saturday that the management of Jagadambha Logistics and Finance and other officials have been absconding after shutting down its office in Secunderabad.Panic-stricken investors flocked to its office in secunderabad, before approaching the Police.

The Police have so far registered more than 100 complaints (under IPC 420) from customers including doctors, engineers and professors.A separate unit has been opened to register cases against the firm. The firm has lured the customers by promising to give more interest and told it has RBI registration. Many invested anywhere between Rs50,000 to Rs20 lakh in the firm.It seems that the managing director of firm was recently died.