LUCKNOW: Investors from three different parts of the country lodged FIRs against the directors of Persist real estate and Tisca holding on Friday. After learning about the fraud of the company through the media, several investors are approaching Vibhuti Khand police station with complaints of fraud.
After Magnum Group fraud case, Persist appears to be the second fly-by-night firm that gained massive heights rapidly, but came crashing down within a period of three years. Another such firm based out of Ghazipur area is being probed. The directors of Persist, have gone underground after switching their phones off. The firm's office located at Shalimar Titanium Tower at Vibhuti Khand, also bears a deserted look now, as per investors.
Odisha resident BS Mishra, who invested close to Rs 33 lakh on behalf of multiple investors in the firm said that Mohammad Nadeem, is the key person behind the fraud. "He had also been involved with at least four more similar companies that worked on multi-level marketing structure," he said adding that the other four had also gone bust after duping thousands of investors however, Nadeem remained unscathed.
Similarly investors from Madhya Pradesh, Maharashtra, Delhi and Rajasthan have been in touch with Lucknow police to find out whereabouts of the directors who ran the company. TOI tried reaching Nadeem and Rajesh Rathore, the managing director of the firm, but in vain.
Sub-inspector Pankaj Singh, in charge of Vibhuti Khand police station said that most of the complainants have named Nadeem as the key culprit though Rathore owned the firm. "Nadeem was instrumental in getting over 80% of business for the firm. But perhaps, in a bid to avoid legal trouble he refrained from becoming signing authority at the firm," he said. Singh added that the documents submitted to the police station however, made it clear that the firm transferred crores to Nadeem.
The remaining three complainants, Jag Mohan Singh, Rajesh Kumar and Banke Lal Sharma said that altogether they were duped of Rs 35 lakh. The investors named six more persons from the firm.
SSP J Ravinder Goud said that investors are advised to exercise caution while investing money into new firms. "If a firm is offering much more than prevalent fixed deposit returns, investors should scrutinize its business plan thoroughly," said Goud.