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Mumbai: Court orders EOW to auction assets of pharma company, pay off duped investors

mumbai investors duped, pharmaceutical company, Economic Offences Wing, Mumbai Police, mumbai news, maharashtra news, indian express

The scam was pegged to be worth around Rs 30 crore. (Representational Image)

In what must come as a relief to nearly 5,000 investors allegedly duped by a pharmaceutical company in 2014, a court ordered the Economic Offences Wing (EOW) of the Mumbai Police to pay off investors from the money earned through auctioning off the company’s property.

An officer said they had arrested the director and other senior functionaries of M/s Ankur Drugs and Pharma Pvt Ltd in 2014, after several investors complained of having lost money they had invested in the venture, expecting high returns.

The scam was pegged to be worth around Rs 30 crore. An officer said, “The court has passed an order to pay off investors from the money earned through selling off some of the company’s assets. The investors will get a certain percentage of the money they lost once they approach us with proof.”

After the court orders the attachment of property of the accused and sale to recover investors’ money, the competent authority gets a valuation done, following which, the court decides the proportion in which the money is to be disbursed.

In some cases, all victims are given the same amount, irrespective of the money lost, while in others, it is a percentage of the deposit, said Khanderao Ghughe, in-charge of the EOW’s refund unit.