Bhatkal: People duped of crores of rupees by firm running potential Ponzi scheme

Yahya Hallare

Daijiworld Media Network – Bhatkal (EP)

Bhatkal, Nov 8: Ambidant Marketing Private Limited, has been charged by Enforcement Directorate (ED) with running a potential ponzi scheme offering huge interest to investors in the name of 'Islamic banking'.

It is being alleged that former minister and mining baron G Janardhana Reddy is in trouble over allegations of him receiving 57 kg of gold worth around Rs 20 crore as a part of deal to help a fraudulent company that is being probed by ED.

The information that people have been duped of nearly hundred crores of rupees by showing four months investments and profit is being heard in public circles. It is said that a rich man from Bhatkal had held a meeting in a private hotel on behalf of the company about 12 months ago and attracted investors. Several people fell for his talk and invested in the company.

According to sources, nearly 1,000 people around Bhatkal have invested in the company. It is said that the company had repaid investments up to Rs three lac with profit in the initial stages. Investors who were tempted, reinvested the amount received and got cheated.

People who believed that business of interest is sinful in Islam, had invested in the fraudulent company without investigating the origin and history of the organisation and got duped. It is said that some of the investors are regretting from within without being able to explain their plight in the open.

Locals say that some high profile people in Ambidant are able to tackle senior police officials with ease. Therefore, those who lost money can only cry and be quiet.