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Financial Firm In Idar Charged With Siphoning Off Rs 32L

IDAR (SABARKANTHA): The district registrar office on Sunday lodged a complaint against 11 officials of a private co-operative financial firm for siphoning off Rs 32 lakh.

The complaint charged officials of Sarvoday Sahkari Sharafi Mandali Limited with circulating investment of its clients in share market and real estate and not releasing the deposits.

The scam came to light when auditor of district registrar office KJ Damor checked audits of the firm. "The firm was set up by leaders of the Memon community a decade ago with the intention of granting loans to the poor and interest to investors. As investment started to pour in, cashier Sabbir Hussein Memon and Yakub Memon started dreaming of becoming millionaires," said an official from Idar police station.

"The duo planned a scheme under which they first earned the confidence of rich clientele and then collected huge investment from them. To make the flow of investment faster, they started giving regular interests to their investors," the official said.

"However, things went haywire when the stock market crashed. The firm lost the investment it had put in the stocks after taking it from clients. In order to pay back the deposits, the duo resorted to dubious means. They forged property documents of some investors and took loans from different banks," he added.

Once informed about this development, other office bearers of the firm forced the cashier duo to sell off some real estate and paid the dues of Rs 18 lakh to the investors. Yakub Memon paid Rs eight lakh. However, Sabbir is yet to clear the debt of Rs six lakh.

Meanwhile, as news of this malpractice spread, investors thronged the firm premises to withdraw their deposits. District registrar office was informed about the scam following which auditor Damor carried out the investigation and subsequently the complaint was lodged.

Apart from the cashier duo, the complaint also lists nine others as accused including the firm's manager, chairman and directors.

Source:TOI

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