Andhra finance firm MD surrenders

Published: 18th February 2013 09:06 AM  |   Last Updated: 19th February 2013 10:26 AM   |  A+A-

By IANS

The head of an Andhra Pradesh-based finance company, which shut shop leaving hundreds of depositors in the lurch, surrendered before police in Visakhapatnam Sunday.

Surender Gupta, founder and managing director of Secured Investment Making Services (SIMS), surrendered at one of the police stations in the coastal city, police said.

As the news of his surrender spread, depositors gathered outside the police station, demanding the police hand him over to them.

Gupta reportedly told police that he had gone into hiding due threats by Maoists. He also told police that he had deposits of only Rs.82 crore and not Rs.500 crore as appeared in media. He assured police that he would pay back the money to all depositors.

A depositor Saturday committed suicide after SIMS shut down its offices, sending panic among depositors in Visakhapatnam district.

The firm had promised depositors Rs.8,000 to Rs.10,000 interest on deposit of Rs.1 lakh.

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