SEIZE MAGNUM DIRECTORS’ PASSPORTS: COPS

LUCKNOW: The city police on Wednesday recommended that the passports of three directors of Magnum group be seized. The cops apprehend that the directors could flee the country with the hard-earned money of gullible investors.

At least six complaints of fraud worth over R 15 crore have been registered against three directors of Magnum Group-Arun Kumar Chaturvedi, Varun Kumar Chaturvedi and Neelam Chaturvedi--in the past three weeks. The police, however, apprehend that the group directors have allegedly committed fraud over R100 crore by luring people with the offer of multiple rate of interest in return for their investments.

SSP J Ravinder Goud said the recommendation had been sent to the passport authorities to seize the passports of Magnum group directors. He said, “The police intention is to not allow the directors to flee from the country till the probe is on”.

The SSP said the group directors allegedly duped hundreds of people after assuring attractive returns for their deposits. He said the complainants had alleged that the directors had opened at least five different companies with the prior intention to vanish with the money of the investors.

He said the investors alleged that the directors used the surname of Chaturvedi to carry out their company’s work, but their legal documents like passports and mark sheets contained the surname Chaubey ( Arun Kumar Chaubey, Varun Kumar Chaubey and Neelam Chaubey).

The SSP had earlier formed a six-member police team under the supervision of CO Gomti Nagar Vidya Sagar Mishra to investigate the cases registered against the Magnum group.