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Saina Nehwal, Prakash Padukone and Rahul Dravid duped crores of rupees in latest Ponzi scheme

SENIOR ANALYST
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4.66K   //    13 Mar 2018, 18:00 IST

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Saina Nehwal

What's the story?

In what has turned out to be a shocking series of events, Vikram Investment Company has recently hogged the headlines for duping over 800 investors through many of its schemes, a list which also includes the likes of prominent Indian sports stars Rahul Dravid, Prakash Padukone and Saina Nehwal.

The incident has surfaced after a recent inquiry was undertaken to assess the company's frauds which proved to be moving in the wrong direction, as complained by some of the investors of the firm.

In case you didn't know

Vikram Investment Company was started as the brainchild of owner Raghavendra Sreenath, who decided to start the firm right after he completed his Engineering degree.

The heart of the matter

It has been learnt that Raghavendra, in an approach to make his company bigger, set up the main office in Yeshwantpur and a branch in Banashankari following which he appointed three persons K.C Nagaraj, famed sports journalist Sutram Suresh and Narasimha Murthy as the financial managers, promising them hefty paychecks if they could lure investors into their company.

On receiving complaints from investors in the company, the police decided to take matters into their own hands and after some intense research into the matter arrested Raghavendra along with his four other associates.

According to the Bengaluru City Police, Sutram Suresh had a huge role to play in the whole scheme and was one of the key influencers in the group, mainly responsible for a cogent case of cajoling the sports stars to invest in the company.

What's next?

The police department will undoubtedly put more work into this case and hope to come out with a firm solution soon to put the investors' laments to rest.

Author's take

One should be very careful before investing and do a proper background check on the agents and on the companies. The risk involved in any such investment is huge and it is extremely unfortunate that prominent personalities have been caught in this particular scam.

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SENIOR ANALYST
A batting all-rounder in gully cricket who takes inspiration from the evolving world of sport to pen down thoughts and share the love of sports!
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