Surendar, MD, Secured Investment Making Services (SIMS) India Private Ltd., surrendered at the Visakha Police Station last evening, in relation to a case of allegedly
scamming his depositors out of around Rs. 700 crores.
The MD, who has been absconding for the last two days - i. e., since after investors were called to the head office in Visakha to collect their deposits only to discover that the board of directors had bailed out, reportedly told the police that no harm had come to the deposits, and that "his hands were clean".
He also excused his disappearance as having been necessary, as he was apparently under pressure from "Maoists" to pay Rs. 16 lakhs. He said that he had disappered because of this, and that the people had misunderstood him.
Meanwhile, on finding out that the MD was at the police station, people gathered in large numbers from Visakhapatnam, Vizianagaram and Srikakulam, and protested until early this morning.
They demanded that the police hand Surendar over to them, and that all his assets be seized. They also alleged that deposits made by them were in a bank account under the name of his wife Bhuvaneshwari.
Meanwhile, the police invited 5 of the hundreds gathered outside to speak to the MD. They found his stry to be highly dubious, and reported them same to the gathering. This caused further protests.
The police have assured that an in-depth investigation will be conducted on the company, and that they will ensure justice to the poeple. They also implored the people not to fall for such scams in the hope of making a quick buck.
Meanwhile, the other members of the board of directors are nowhere to be found.