The Hindu : Karnataka / Bangalore News : People cautioned against firm

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Wednesday, Oct 29, 2008
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Karnataka

Karnataka - Bangalore

People cautioned against firm

Staff Reporter

BANGALORE: Smelling something fishy in the activities of City Limouzines India Ltd., which claims to be an official sponsor of the Indian Hockey Federation, the city police have urged the regulatory bodies to investigate the company’s activities.

The initiative has been taken as this company should not go the way of Viniv Inc, Darshanika, Quest and other similar enterprises where people have lost heavily after investing money, City Police Commissioner Shankar M. Bidari told presspersons here on Tuesday.

He has written letters to the Corps of Detectives (CoD), Reserve Bank of India, Registrar of Cooperative Societies in Karnataka and the Department of Income Tax urging them to conduct inquiry into the financial activities of City Limouzines India Ltd. Mr. Bidari said that while conducting the meeting of East Division police recently, police officers informed him about the suspicious activities of the company.

Mr. Bidari was told that the company offers Rs. 7,700 as interest for Rs. 1 lakh a month.

“After a careful study of the company’s website, I felt that the regulatory bodies should take suitable measures,” he said.

Mr. Bidari requested the CoD, to inquire into the activities of City Money Ltd., (a part of Limouzines) too. Mr. Bidari cautioned people to be careful while dealing with the company.

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