According to the complainants, they have been duped of over Rs 6 crore. The investment agent, who

has closed his office, is untraceable.

Many like Mam Chand, a resident of Sector 11, Panchkula, who retired from the Haryana Civil Secretariat as an assistant, had deposited lakhs of rupees with the Invstgrow Enterprises, Sector 34. They were allegedly promised an interest rate of 60 per cent per annum on their investment, against which they were getting 5 per cent interest every month.

“We received the interest for four months only. Last month, we discovered that the firm’s owner, Nitul Mahajan, was missing and his office was shut. All efforts to find him proved futile. I had deposited my entire savings, which I got on my retirement, with him, hoping to get good interest rate. It has become almost impossible to survive now as I am left with no money. I am totally ruined,” Mam Chand told Newsline.

Nitul Mahajan, who was running the office in the name of Invstgrow Enterprises in SCO No. 80-81-82 (top floor), Sector 34-A, cannot be found anywhere. Inquiries conducted by Newsline revealed that the company closed its operations last month. All attempts to contact him on his telephone turned futile, as all the numbers were either switched off or no longer exist.

The investors had deposited money ranging from Rs 50,000 to Rs 10 lakh in the company. Mahajan used to issue post-dated cheques to the investors for the actual deposit and interest was given in cash every month. The cheques, which the complainants have in their possession (copies of which are with the Chandigarh Newsline), are issued for various dates in February and March. However, the victims who have filed complaints with the Chandigarh Police, hardly have any hope left. They said Mahajan’s act of closing his office and leaving the city is quite suspicious, adding that he was already giving wrong signals by delaying interest payments and adopting a dilly-dallying attitude.

Nirmala, another Panchkula resident who had deposited Rs 50,000 with the company, was also given a post-dated cheque of May 8, 2008. “I don’t think I will get any money,” she told Newsline.

“When we had asked Mahajan that how would he give us such a phenomenal interest rate, he had said he would be utilising our money in shares and stocks, which would get him good returns. As many of our acquaintances had already invested in the company, we thought it safe to deposit money with him,” said another investor.

So far, around 12 investors have gone to the, pleading action against Mahajan and his associate Roshan Lal. Lal, a resident of Sector 14, Panchkula, acted as a mediator in most of the cases.