Bengaluru: Rahul Dravid files complaint after being duped in crores in ponzi scheme


Daijiworld Media Network – Bengaluru

Bengaluru, Mar 18: Former Indian cricketer Rahul Dravid, who was duped of Rs 4 crore, after investing in a ponzi scheme run by Bengaluru-based wealth management firm Vikram Investments, has complained to police.

Dravid filed a complaint against the firm at Sadashiva Nagar police station, claiming he had invested Rs 20 crore in a scheme, on the persuasion of Sutram Suresh, a former sports journalist.

The firm had promised returns up to 40 to 50 per cent on the principal amount. After the first investment, Dravid said that he received good returns in 2015. Suresh convinced him to invest more and Dravid invested Rs 20 crore.

However, Dravid received only Rs 16 crore of his principal amount and after 2017, the company stopped giving him returns.

The ponzi scheme came to light after P R Balaji, a businessman who owns Balaji Agarbathi Company, filed a complaint with Banashankari police against the company for cheating him of Rs 11 crore.

The company has been accused of defrauding over 800 investors to the tune of over Rs 300 crore. The police have received nearly 100 complaints against Vikram Investments.

Arrests

The Banashankari police have arrested the Company’s Managing Director Raghavendra Srinath, who is the main accused. His wife Sunitha, who is also one of the company directors, is absconding. Raghavendra’s associates Nagaraju, Narasimhamoorthy, Prahlad and Sutram Suresh have also been arrested.

Raghavendra was produced before the court on Saturday. Seeking the custody of those arrested, the police told the court that they needed to interrogate the accused to recover the money, as they have diverted funds to foreign countries.

On Thursday, the police had raided the Vikram commodities and Vikram Logistics Company in Chennai. Raghavendra Srinath was also running an oil factory in Chennai and it has been seized.

On Friday, the police raided Raghavendra’s house in Banashankari and Malleswaram and seized documents related to the scam.

Reports suggest that several sports bigwigs like Badminton player Saina Nehwal and Prakash Padukone who invested in the firm, have also been duped. However, they have not yet filed complaints.

The police, who have seized property worth crores, claim that investors may get 80 per cent of their money back.

  

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Comment on this article

  • J.F.D SOUZA, Attavar, Mangalore

    Tue, Mar 20 2018

    Those who have enough money I mean crores of rupees why they should invest in such blade companies? They should be content with the money which they have.

    DisAgree Agree Reply Report Abuse

  • Ajay, Kallianpur

    Mon, Mar 19 2018

    Greed should not motivate investment, a hard lesson for a steady man. Also trust is not so good in business. Why are people trying to politicise this!

    DisAgree [1] Agree [4] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Mon, Mar 19 2018

    Time may come (under BJP rule) one day Deposits in the bank too face similar siuation. (Bail in or default and escape or lose value by another demonetization)

    DisAgree [8] Agree [7] Reply Report Abuse

  • Vikram, Dubai

    Mon, Mar 19 2018

    WHEREVER HIGH RETURNS ...OF COURSE THERE IS HIGH RISK ... HOW COME SAFE & STEADY PLAYER LIKE RAHUL DRAVID, EVEN DIDN'T UNDERSTAND THIS... ALL RAHUL'S ARE !

    DisAgree [14] Agree [13] Reply Report Abuse

  • Mohammed, Dubai

    Mon, Mar 19 2018

    All vikram’s are .......

    DisAgree [2] Agree [22] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    Naive and trusting. Trusted their fellow Indians because they did not think that there are many cheats, crooks and cons among them. In 4 years truth now exposed with Niravs, Rafale, Jay, 15 lakhs, farmers suffering, youths given pakodas instead of jobs etc..
    Once bitten twice shy - no more trusting - result will be seen in 2019. Modi mukt Bharat.

    DisAgree Agree [16] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    Firstly, how can Rahul be accused of greed just because he is wealthy ? Is it a crime to be wealthy ?
    Secondly, if Rahul has earned his wealth honestly and legally and taxes paid fully does he not have every right to take action if he has been cheated ? Should he just be quite and 'satisfied' and allow people to cheat him ?
    Thirdly, by accusing Rahul of greed is one not indirectly saying that it is okay for a con to dupe/cheat a person of his money if that person is wealthy ?

    DisAgree [1] Agree [17] Reply Report Abuse

  • Satya, Mangalore

    Mon, Mar 19 2018

    There are hundreds of cases where people have lost their life's earnings investing in such schemes where huge returns on investment are promised. This is nothing but greed. There are some cases when those in business need cash to mitigate cash flow problems and they borrow at a slightly higher rate of interest than offered by banks or financial institutions, from individuals for a short period of time, maybe a couple of days or a week or two. This is common practice. Also if someone reliable and proven comes with a scheme that offers higher returns by a point or two maybe one could still believe in that scheme and invest, but anyone promising the roof as returns cannot and should never be believed, because such schemes never exist. Therefore for an educated and worldly smart person like Dravid to fall for such schemes is simply baffling. He simply does not require such returns and if he has willingly invested then it is nothing but greed. There are no two opinions about it. Anyone who falls for such schemes is simply stupid or simply greedy.

    DisAgree [7] Agree [5] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    People are humans and can make mistakes such as being stupid, naive or greedy to fall for such schemes but that still does not give cons a right to cheat them.

    We do not hear any criticism in the long sermon against the cheats who should be locked behind bars. It is like condoning/justifying cheating by cons. Law enforcement cannot wash their hands off and let such cheats get away just because somebody was naive or greedy to invest. It is like blaming a woman for wearing jeans instead of a salwar kameez as reason for getting molested instead of blaming the dirty criminal mind of a rapist and punishing him.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Satya, Mangalore

    Mon, Mar 19 2018

    Simply cannot understand how an intelligent and educated person like Rahul Dravid could invest in such stupid schemes........................I respect him a lot both as a person and a cricketer, but this to me seems nothing but greed. He has earned hundreds of crores and therefore is it not enough to invest your money, in normal and certified investment schemes which give you reasonable returns?

    DisAgree [4] Agree [3] Reply Report Abuse

  • Vincent Rodrigues, Bengaluru/Katapadi

    Mon, Mar 19 2018

    Loot and flee away has become the culture of our rich people

    DisAgree [1] Agree [15] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    With Modis around, Rahuls will never be safe.

    DisAgree [4] Agree [49] Reply Report Abuse

  • Anand Kumar, Mangalore

    Mon, Mar 19 2018

    Super comment! ☺☺☺

    DisAgree [2] Agree [27] Reply Report Abuse

  • Ivar, Mangalore

    Mon, Mar 19 2018

    Declans will relate anything to Modi!!

    DisAgree [17] Agree [8] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    Why not ? Modis have run away with Indians tax payers' savings ?

    DisAgree [1] Agree [20] Reply Report Abuse

  • sri_elder, Karkala

    Mon, Mar 19 2018

    Read terms and conditions before investing!
    Quite lucky Dravid got 16 crores back!

    People usually invest extra amount what they do not need immediately

    DisAgree [8] Agree [16] Reply Report Abuse

  • Samantha Lewis, Mangalore / Dubai

    Mon, Mar 19 2018

    If you have a mobile net work or email account or credit card or any investments - then you have your answer of reading terms and conditions by yourself.

    DisAgree [3] Agree [6] Reply Report Abuse

  • Bengalurian, Bengaluru

    Mon, Mar 19 2018

    Even I was offered a similar deal around a decade back. I invested once or twice, got good returns & then I withdrew the money. I knew that such kind of return on investment is not possible in the long run.

    DisAgree Agree [22] Reply Report Abuse

  • Eric Coelho, Mangalore

    Mon, Mar 19 2018

    It says "Loot and Scoot", which is now regularly happening in India since May, 2014.

    DisAgree [5] Agree [23] Reply Report Abuse

  • Ivar, Mangalore

    Mon, Mar 19 2018

    Those who looted before 2014 are scooting after 2014.

    DisAgree [7] Agree [3] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    Why people voted for chowkidar then ? To prevent escape or to blame on somebody else ?

    DisAgree [1] Agree [11] Reply Report Abuse

  • Declan, Mumbai

    Mon, Mar 19 2018

    Under Modi government nobody's savings are safe.

    DisAgree [5] Agree [33] Reply Report Abuse

  • Pulakeshi, Pulkeri / Karkala

    Mon, Mar 19 2018

    I amused with greed of filthy rich people.

    DisAgree [5] Agree [15] Reply Report Abuse

  • I wish I was there, Bahrain

    Mon, Mar 19 2018

    He (Dravid) should be satisfied with what money he has.

    DisAgree [10] Agree [11] Reply Report Abuse

  • Raghavendra M K, Mumbai Maharashtra

    Mon, Mar 19 2018

    aur bi ache ache din anewala hai.

    DisAgree Agree [28] Reply Report Abuse

  • vinod Raj, mangalore

    Sun, Mar 18 2018

    4 ಕೋಟಿ ರೂಪಾಯಿ ತಾನೇ? ಹೋಗಲಿ ಬಿಡಿ .. ಬಡ್ಡಿ ಹೋಗ್ಲಿ , ಅಸಲು ಸಿಕ್ಕಿದೆಯಲ್ಲ ಸಾಕು...ಹಾಲು ಉಂಟಲ್ಲ , ನೀರು ಹೋಗಲಿ.

    DisAgree [3] Agree [12] Reply Report Abuse

  • Mohan, Sajipa

    Sun, Mar 18 2018

    Jossy
    Moral.. Educated sports person also behind greedy of money. Its disgusting

    DisAgree [11] Agree [14] Reply Report Abuse

  • Sompa, Mangalore

    Sun, Mar 18 2018

    He is lucky got back 16 crores than loosing 20 crores.

    DisAgree [3] Agree [15] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sun, Mar 18 2018

    After 2014 ...

    DisAgree [9] Agree [44] Reply Report Abuse

  • V.Pereira, Udupi Dist. Karnataka State,

    Mon, Mar 19 2018

    feku's everywhere ...

    DisAgree [1] Agree [25] Reply Report Abuse


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