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, police said.

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

According to Hari Mohan Singh, the station house officer at Noida Sector-58 police station, the firm Endmark Forex Services Private Limited, which has its office on the fourth floor in Corenthum Building in Sector-62, had shut its premises after cheating more than a hundred investors of over Rs. 500 crores.

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

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 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 Monday, onlt 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,” Hari Mohan Singh said.