MADURAI: Investors in the Neomax Group on Thursday sought the intervention of the state government in the multi-crore financial fraud case linked to the real estate entity, claiming the investigation by the Economic Offences Wing (EOW) has been at a snail’s pace.
“Most of the investors invested their life savings in the company, and many of them are above 60 years. The existing investigation to identify their properties and to attach them is getting delayed,” said A Sivatharshini, one of the investors, while addressing the media persons in Madurai on Thursday.
She stated that the scam is the biggest in the country after the Sahara scam. Although some action has been taken, it was inadequate and most investors have not been able to get back their invested money with reasonable interest.
It is suspected that around 85,000 people were affected in the scam estimated to be around Rs 10,000 crore. The investigating agency, the Economic Offences Wing, is conducting inquiries with its existing staff members, who also have to look into other cases under their unit. This is causing further delay and mental agony to those affected by the scam. Instead, an SP should be appointed exclusively to investigate the case, with an adequate number of staff, she stated.
Another investor, A Roshan Khan, a retired government employee, demanded the expedition of the trial and the denial of bail to the accused as it could pose a life threat to investors.
“Like me many investors who were unable to get back their investments and profits cannot meet their expenses for health and family needs as many had invested their savings in the company,” he said.
It is alleged Neomax Properties Private Ltd and its group companies cheated several investors who deposited lakhs of rupees for real estate plot development after promising high returns of up to 12% to 30% interest.