Kadri Police arrest fraud company owner Praveen Shetty

Mangalore Today News Network

Mangalore, July 12, 2011: Mangalore Police Commissioner Seemanth Kumar Singh said that the Kadri Police have arrested Praveen Shetty, a partner of Global Index Investment Company, which had offices in Mahendra Arcade, Karangalpady on July 11 Monday. He was addressing reporters at a press conference held in his office today.

 

 

 

The Global Index Investment Company, which began by setting up its office at Poonja International at K. S. Rao Road, shifted after one week to Hindustan Hotel at K. S. Rao Road. After one year, in Nov 2010, it moved to Mahendra Arcade at Karangalpady.

This fraud company has cheated over 2000 people by encouraging them to invest with them and promising them that their investment will be doubled. The investors were shocked to learn that the company was a fraud on March 4 this year.

Previously known as Index Daily, this company has been in existence for 1 year, but stopped issuing checks two months back.

The police had arrested Shekar Bhat alias Purushottam Bhat (43) of Shishila, Ashok Kumar (44) of Kottara, T. Koragappa Poojary of Puttur, and Vasanth K. D. The police also confiscated a car, mobile phones, documents, and Rs. 35 lakh. However, Praveen Shetty (24), the son of Sadashiv Shetty of Perdoor in Udupi, was absconding and the police finally nabbed him on July 11.

The commissioner said that people had invested a total of Rs. 11 to Rs. 12 crore in the company.

The police have seized Rs. 27 lakh and two laptops from Praveen Shetty. They have also seized Rs. 1,95,498, which was in his Axis Bank account and property worth Rs. 29,45,498, he added.

K. U. Belliappa, the station house officer of Suratkal Police Station, DCP M. Muthuraya, and DCP Dharmaiah were also present at the press conference.