Vigneshwara Group return cheques bounce, investors protest in Gurgaon

Written by Siddhartha Gupta | Gurgaon | Updated: Jul 15 2014, 16:06pm hrs
Vigneshwara GroupVigneshwara officials were unavailable for comment despite repeated attempts to contact them.
Over 200 investors of Vigneshwara Group gathered outside the companys office here on Monday in protest after the assured return cheques they had been given by the group for July bounced, police said. The case was transferred to the Economic Offences Wing (EOW) of Gurgaon police earlier this month.

On May 21 this year, 38 investors had registered an FIR against Vigneshwara Group alleging that it had defaulted in the payment of assured returns 1 per cent of the total investment paid back every month to the investor as interest for the current and previous financial years and that they had not yet been given possession of their properties in Sector-8 of Industrial Model Township (IMT) Manesar even after having signed the deal as far back as 2007.

Officials from the group subsequently struck a compromise with the investors and cheques were disbursed between May 28 and May 30, with the rider that the ones for the months of April, May and June this year will be encashable in coming December, January and February respectively, due to cash flow problems that the company was facing.

The investors protested in front of Vigneshwara Groups office this morning and then they also met me. We are investigating the matter and have assured them that action will be taken, Ashok Kumar, an inspector in the EOW, said.

According to Kumar, the group has filed a petition with the Delhi High Court pleading that the FIR registered against them in Gurgaon be moved to Delhi. The first hearing on the petition was on July 10. We submitted to the court that since this incident falls within our jurisdiction, we should be allowed to continue with the investigation. The next hearing is on July 18, Kumar said.

According to Geetha Venkatesan, one of the investors, nearly 20 police officers were posted outside the groups office on Monday morning and that none of the senior officials were present.

Vigneshwara officials were unavailable for comment despite repeated attempts to contact them.