I have invested Rs 3, 87, 000/- in the month of May, June & July with file no CRL11845, CRLA 11494 & CRL12284 resp. City Limouzines (India) Ltd launched a scheme, offering investors returns up to 48%. In the Economic Offences Wing of the Mumbai police registered an FIR against the firm for cheating one of the investors. The firm approached the Bombay high court seeking quashing of the FIR. In March the HC quashed the FIR, saying there was “no intention to cheat”. State government challenged this in the Supreme Court, which in August restored the FIR, saying probe should continue. The court also said that City Limouzines be allowed to carry on with its business. In August the Enforcement Directorate raided the firm’s office for foreign exchange violations. A police officer said, “In public interest, the RBI has to step in when scams of such huge magnitude take place. There is a possibility of litigation in the courts if RBI intervenes. But at times, we have to put in the extra effort to work around the system.’’
City Limouzines is registered with the Registrar of Companies (RoC), but has not been filing its annual accounts regularly, sources said. The police, in the past, had asked the RoC to carry out a special audit but it did not happen.
Finally outcome is nil, investors like us are worried and request HC to arrest this conman and seal all his assets on charge of default in emi payments to all investors and atleast recover the principal amount of class A investors stated in modified scheme.
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