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Investors cheated by private bus company demand action

August 25, 2022 07:09 pm | Updated 07:10 pm IST - TIRUCHI

A large number of investors from Thanjavur, Tiruvarur and other places on Thursday assembled near the office of the Economic Offences Wing (EOW) of the State police here on Thursday alleging that they were cheated by a Thanjavur-based private transport company and demanded action against the legal heirs of the firm’s owner for failing to pay their dues. 

Over 800 investors holding placards assembled near the EOW, Tiruchi unit office, for over an hour demanding that the assets of the legal heirs of the firm that was operating a fleet of omni buses be frozen in the wake of the death of its owner Kamaludeen and filing of chargesheet. 

The firm had collected huge sums of money ranging from ₹ 1 lakh to ₹ 1 crore promising to make them shareholders of the firm and assuring to pay dividend from the profit. The company suspended its operation from March 2020 citing COVID-19 pandemic. After the death of the firm owner in September 2021, the investors approached his family members who allegedly failed to pay the dues. One of the investors claimed that the firm had collected over ₹700 crore from several investors. 

Acting on complaints from the investors, a case was initially registered by the Thanjavur District Crime Branch. It was subsequently transferred to the EOW, Tiruchi unit. They wanted the EOW to freeze the properties of the legal heirs of the firm’s owner.

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