Duped Century investors take matter to PM

Duped Century investors take matter to PM
R.B. SINGH

LUCKNOW, MARCH 25: Nearly 100 FIRs have so far been filed by people who had invested lakhs in the different schemes of Century Consultants and its sister concerns. They are now furious over the police inaction against owners of these companies who have ``vanished'', as well as the alleged involvement of VVIPs in promoting these companies.

Century Consultants was owned by Arvind Johri, who is on the run after allegedly ramping up the share of a dubious company he floated, and the firms directors are believed to have close links with the state's senior BJP and RSS leaders.

At a meeting held today, nearly 1,000 investors decided to write to Prime Minister A.B. Vajpayee, Uttar Pradesh Chief Minister Rajnath Singh, Information Technology Minister Shivakant Ojha, Urban Development Minister Lalji Tandon and the state BJP chief Kalraj Mishra to intervene in the matter. Tommorrow, they plan to hold a demonstration at the locked gates of the company to draw the government's attention towards their plight.

The investors want the case to be handed over to the Special Task Force for quick action and if needed, to the CBI. They have also asked for cancellation of the passports issued to the owners and their family members.

Meanwhile, Lucknow SSP B.B. Bakshi, who had earlier announced that the case would be handed over to the Economic Offences Wing of the police, has changed his stand and now wants it handled by the city police itself.

However, except for recovering the vehicle used by Johri to go to the airport, the police have made no development in the case so far. The owner of the vehicle has been identified as one Rakesh Tandon, who is also absconding. The police are also investigating Johri's bank accounts.

``We cannot attach the property or other assets of the owners of the company, since this is the duty of the court,'' said Bakshi. Their telephones are being tapped and they can be arrested anytime, he added.

Office-bearers of the Investors Forum -- Dr G.K. Singh, Brig L.N. Kapoor, Vijay Kumar Sud and V.P. Bakshi -- said that most of Century's investors were retired individuals and the deposits averaged Rs 5 lakh. Investors include Director General (Prosecution) K.K. Chaturvedi who has invested more than Rs 8 lakh, retired Vice-Chancellor Katkar who has invested Rs 12 lakh and several IAS officers.

Century Consultants had been in existence for the past 25 years but the people's confidence in the company soared ever since the Prime Minister inaugurated a Software Technology Park jointly promoted by the company's sister concern Cyberspace Infosys Ltd and the state government-owned UP Electronics Corporation Ltd. Investments had skyrocketed and the company collected more than Rs 250 crore. The Indian Express had reported earlier this month how Johri had allegedly rigged the company's share price to Rs 1,480 before it dived to Rs 58. The scrip faces a default of about Rs 24 crore on the BSE and Rs 10 crore on the NSE. It was around that time that the owners reportedly fled the city with all the money, leaving thousands of investors in the lurch.