Sharma also indicated that the company was trying to sell its real-estate assets, even at the prevailing low market rate, for the same purpose.Referring to reports in the media that he and his co-promoter GM Sharma are absconding, PK Sharma said: "I have no intention of ditching the investors. I am trying my level best to return the money."

Investors thronged GK Part-I house of the Sharmas as panic set in following reports that the company had sunk and the promoters were absconding. Sharma himself was seen pacifying the investors agitating in front of his house throughout the day.

His neighbourssaid that the family was present in the house for the whole week. According to information reaching the Sharmas, the Sakarpur, Viswasnagar and Faridabad branches of the group have been looted by the investors after the news broke.

Delhi police additional DCP (economic offences) Alok Kumar said that no case had been registered against the Sharmas yet. "We are examining the complaints filed by the investors against the company. In a day or two, after examining the complaints, a decision will be taken on registering cases against the duo," he said. "Any action can be taken only after registration of the cases," said Kumar.

According to a senior income-tax official, the I-T department will complete its assessment of Kuber Finance by end-May. The department had searched the Delhi offices of Kuber Finance last year. The demands made by the I-T department after completion of assessment will be subject to appeal. The official said that the department would assess the company's accounts for the previous 10 yearsto ascertain accumulation of black money.

Reacting to the investors' allegation that they were trying to run away from the country, Sharma said that the situation of the company was bad for last nine months but he had never tried to skirt investors.

The Reserve Bank had formally restrained three group companies -- Kuber Mutual Benefit, Kuber Finance, and Kuber Auto Finance -- last week from sale or mortgage of assets and accepting fresh deposits.

The group is said to have mobilised Rs 600 crore from some 10 lakh investors country-wide through 300 different schemes. Most of the money deposited was invested in real estate and blue-chip companies.

Company officials admit that the group started defaulting on repayment to depositors after realising that several hundred crore of rupees sunk in real estate could not be recouped. Default on repayment has continued for the last six months.

The group, however, continued to accept deposits from investors till the RBI order. The RBI's action followedderegistration of Kuber Mutual Benefit as a nidhi company by the department of company affairs (DCA) on April 2 after complaints from the central bank itself.

The DCA also objected to Kuber Mutual Benefit advancing clean loans to parties without obtaining collaterals. A diversion of Rs 56 crore by Kuber Mutual alone to unauthorised parties has been detected by the RBI, contravening RBI rules.

The RBI has estimated the liabilities of Kuber Mutual Benefit at Rs 210 crore and its book assets at Rs 211 crore. According to the RBI, the assets have been undervalued by at least 30 per cent.