Another Ponzi scheme starts haunting investors

Mysuru, June 14:- Ponzi schemes are nothing new. As long as you have gullible people, such sleazy schemes keep cropping up now and then. Only a couple of days back, IMA Jewels’ scam rattled the silicon city and many parts of the state. As if this is not enough, another such incident has come to the limelight in the heritage city.

Though the Police Department knows a lot about the scheme for a long time now, strangely, no action has been taken so far.

Nishka Group is accused of cheating people in Mysuru, Hubballi-Dharwad, Ballari, Belagavi, Chitradurga, Mandya and other places. Phaniraj Gowda of Gargeshwari of Nanjangud taluk had founded Nishka Group Of companies in 2011. In the name of investment, he collected a huge amount of money from the public and escaped when he ran out of luck.

He promised a huge amount of interest for those who were ready to invest Rs 10-15 lakh. He had assured that their money would be doubled in a short period of time. He had also said it would be like a chain link as the investors would get more money if their relatives and friends also invested.

Nishika Group has 13,000 agents. With Phaniraj Gowda on the run, his agents are facing the heat. Though they have filed a police complaint, no action has been taken so far.

Phaniraj has registered 12 companies. All these companies have his family members as directors. Two FIRs were filed against the company two years back but the victims are waiting for justice. (MR/KS)


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