home Latest News Custody of Vikram wealth managers extended – The Hindu

Custody of Vikram wealth managers extended – The Hindu

This post was originally published on this site

A court remanded four wealth managers associated with Vikram Investments in police custody for three days. The Bengaluru-based investment firm, headed by Raghavendra Srinath, allegedly defrauded hundreds of people in a Rs. 300 crore scam.

The Banashankari police, on Wednesday, produced former sports journalist Sutram Srinivas, Narasimha Murthy, Prahlada and K.C. Nagaraj — insurance agents and wealth managers at Vikram Investments — in the 4th Additional Chief Metropolitan Magistrate (ACMM) court.

“We had arrested five accused, including the main accused [managing director] Raghavendra Srinath, on March 4. The court had remanded Srinath in police custody for 14 days till March 17 while the other four were remanded in our custody for 10 days. That ended on Wednesday and the court has extended it for three days,” a police officer said.

Meanwhile, anxious investors, who have lost their money, continued to visit the Banashankari police on Wednesday with proof of their investments. “We have received around 250 complaints. Another 50 complaints were lodged by investors in Jayanagar, Banaswadi, J.P. Nagar, Kalasipalya and Amruthahalli police stations,” said an officer.

According to the police, who have taken the help of private accounting firms, Srinath had used the money entrusted to him to invest in foreign commodities and properties in Malaysia. Twelve bank accounts of his have been frozen.

Police sources said that they have seized the laptops of the accused. “We are on the lookout for Srinath’s wife Sunitha Achar who was a director in the firm,” said the police.