BELGAUM: SP Sandeep Patil has called upon the public to be wary of companies assuring high returns on short-term investments.
In an official release, the SP said many financial companies are engaged in the business of assuring high returns either in the form of installments, interest or attractive prizes. "But most of them close down after collecting crores from gullible investors," he added.
Patil also cautioned the public about moneylenders who charge exorbitant interest on a regular basis. "This is nothing but atrocity on the poor, and it is punishable," he said, asking the public to inform the police in case they come across such companies.
The SP's move follows the looting of a general store belonging to Sanjay Tenginkai by people. Tenginkai had "allegedly" collected crores of rupees from people, assuring them of 10% return on their investment every month, for three years.
May 15, 2011, 09.25pm IST