JVG group in Rs 30 lakh fraud

November 5: The Nerul police have registered a case of cheating against the Nerul-based JVG group for defrauding account holders to the tun...

November 5: The Nerul police have registered a case of cheating against the Nerul-based JVG group for defrauding account holders to the tune of at least Rs 30 lakh.The police moved on the basis of a complaint filed by an erstwhile JVG sales officer Kalavati Chagan Sapkal, who complained that she was being harassed by her account holders to return the money they had invested; about Rs 4.5 lakh; in the company’s deposit scheme.JVG, which operates in the areas of Vashi, Nerul, Belapur, Nhava Sheva and Uran, has reportedly closed shop.

The scheme had misled its account holders with a promise of doubling their investments in three years. Now, its post-dated cheques issued three years ago have begun to bounce.JVG started its operations in Nerul a year ago, and appointed about 1,000 agents to woo potential customers. The group initially paid handsome returns in the form of either interest or capital gains.

Kalavati alone opened about 150 accounts, an indication of the scheme’s popularity.As she told the police, JVG made its agents deposit their collections at its CBD, Belapur office, from where the funds were transferred to the Vijaya Bank or to the company’s regional office at Marine Lines.

Said Senior inspector P Shivdas, “We are in touch with our Mumbai and Delhi counterparts to get the necessary information.” He also quoted Kalavati as having said that she had been approaching regional officers with the firm like Sridhar and Raj Kant to ensure a refund of the deposits with interest, but in vain.Said Shivdas, “The JVG group has literally washed its hands off the case” by advertising in some newspapers that the company’s agents unauthorisedly collected funds from the public and advising the account holders to approach the agents, not the company, for refunds or interest. The advertisement triggered off a chain reaction among agents, leading to Kalavati’s complaint. Navi Mumbai Police Commissioner Sudhakar Ambedkar invited the victims of this quick money scheme to come out with details of their complaints.