PUDUCHERRY: A joint raid by the Puducherry Cyber Crime Police, Enforcement Directorate, Chennai, and Revenue Department at the Kamaraj Salai office of Bengaluru-based Go Green Cycles on Saturday led to the seizure of Rs 2.45 crore.
The operation was launched after the cyber crime cell received a complaint from a dissatisfied investor about an investment fraud, prompting the registration of a first information report.
According to sources, Go Green Cycles was promoting a pan-India investment scheme that promised a return of Rs 52,000 a month for 11 months on an initial investment of Rs 4.5 lakh. At the end of the period, the company also assured the return of the principal amount, raising the effective returns to over 120%.
Authorities grew suspicious over the unusually high returns and the company’s involvement in investment-related activities, despite being in cycle manufacture business. The company has a production unit in Ludhiana and is setting up a showroom in Chennai. It also claimed to be part of joint ventures with government agencies in promoting its investment offers.
The cyber crime police, led by Superintendent of Police (cyber crime) Rachna Singh, conducted the raid along with ED and revenue department officials. Several incriminating documents and materials were also seized, sources said. Investigation is under way to identify the extent of the alleged scam and the number of investors affected.