Noida firm dupes investors of Rs 500 crore

Noida firm dupes investors of Rs 500 crore
Noida: A private foreign exchange trading company in Noida has duped investors of more than Rs.500 crore, said the police.

The matter came to light on Monday evening when investors found the office of the firm closed all of a sudden.

The firm Endmark Forex Services Private Limited had shut its premises after cheating more than a hundred investors of over Rs. 500 crores, according to Hari Mohan Singh, the station house officer at the Sector-58 police station, Noida.

The firm, which claimed to have offices in London, Texas and Hong Kong, lured Indian investors by promising them a share of the profit from its foreign currency trading, said the official.

The company offered people to invest with them in rupees, promising to further invest the money in different financial businesses in different countries, worldwide.

The offer was growth of their principal by six times, in just two years. Besides, they also promised investors with a return of one percent on their principal amount per day, greater than any other investment destination.

The investors fell in the trap after receiving assurance that they would get bank guarantees.

However, when the company delayed payment and started showing reluctance to do it, the investors started thronging its office.

When the office opened on Monday, only a couple of employees had turned up. By afternoon, the employees locked the office door and left. The customers approached the Sector-58 police station and lodged their complaint.

A case has been registered against Endmark's director Mayank Gupta and employees Deepanshu Gupta, Ravindra, Neha Chauhan, Archana and others.

"We are probing for more details of the company's operations," said Hari Mohan Singh.