About 2,420 people, including several high-profile personalities, had invested around Rs 417 crore. Of which Rs 331 crore was paid back to the investors as profits and the remaining Rs 86 crore had allegedly been embezzled by the suspects.
According ED officials, the attached immovable properties having value of Rs 34.2 crore are in the form of land, office spaces and residential flats in various places in Bengaluru and movable assets are in the form of bank balances and fixed deposits of Rs 1.5 crore.
The ED had initiated a probe on the basis of an FIR registered against the firm and other suspects on March 3, 2013 in Banashankari police station. Raghavendra Srinath, founder-director of Vikram Investments, and his associates KP Narasimhamurthy, M Prahlada, KC Nagaraj and Sutram Suresh were arrested on the charges of cheating the public by luring them to invest in Vikram Investments, promising high returns under the guise of commodity trading.
The suspects offered returns to the extent of up to 30-35% per annum. However, they are not registered with any of the regulatory agencies including RBI. They ensured that customers would get back their first instalment as promised. This…