Need for Gujarat's people awarnes
no budy know know what happn after this case
company still runing without diposit the amount in civil court
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15-Jun - 11:30 — bpocanada
Tags: Baroda VADODARA: Two city-based advocates have filed a suit against a private firm that is offering six-fold amount against the money invested by people in their company. Advocate Darshan Muley and Mehul Vyas have filed a suit in the civil court demanding a stay against the company's schemes.
The duo has also prayed that the firm, Re-Alliance Gold Marketing Private Ltd, should deposit a fixed amount in the court. "The firm, formed in May has floated two schemes wherein investors are promised attractive returns within a short period of time. The schemes however don't sound very logical if we look at the prevailing bank rates, " Muley told TOI.
"People often get fooled by such schemes and lose their hard earned money. The recent scam orchestrated by Ashok Jadeja is the best example. Hence, we decided to file a suit to safeguard people's interests, " Muley added.
One of the schemes of the firm promises investors six-fold returns on the money invested after 13 months. "Against an investment of Rs 4, 000, the firm promises investors Rs 25, 000 after 13 months, Rs 4.50 lakh against investment of Rs 17, 500 and a mind-boggling Rs 88.94 lakh against investment of Rs 1.25 lakh. This apart from the periodical interest on the money invested, " Muley said.
"Interestingly, the return is to be paid not in cash but in terms of gold of equivalent amount. How is it possible for any firm to earn so much money within such short period? " Muley argued.
"In another scheme, the firm promises Rs 400 discount on the gold worth Rs 25, 000 purchased from a private bank that has tie-up with the firm. The firm promises to return all the money invested in gold after 13 months, " he said.
"We have prayed for stay on the schemes and the firm should also deposit certain amount with the court so that it doesn't do the vanishing act. The court has summoned the firm directors on June 20 for the hearing, " Muley said.
Souece: TOI
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