City Limouzines is a finance company who wound up the business by duping the money of their customers on Tuesday. Near About 50 customers when they came to know of this fraud, quickly rushed to the city branch office of the firm which is at Abids in the Hyderabad. After that On noticing the office was closed, they approached the Abids police station. Afterwords the police booked a case against the City Limouzines company under Section 420 (cheating) of IPC at around 8.30 pm.
Police believe that there could be nearly 500 persons who deposited money.
The company had issued preference shares in the name of City Realcom Limited, and lured gullible investors by asking them to invest a minimum of Rs 1,30,000 with a promise that the investor would get a monthly return of Rs 7775 per Rs 1.30 lakh.
The company paid interest every month for three years, but its cheques started bouncing since August.The company is mainly into vehicle leasing. According to the Inspector, the company started its fund mobilization operations in the city in 2006.
For every 2 lakh Rs of the investment, the company offered high monthly returns for a guaranteed period of five years.
