Andhra finance firm MD surrenders

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


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.

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp