Tamil NaduVellore MARC Stock Market Company 6000 Crore Scam? High Court orders further...

Vellore MARC Stock Market Company 6000 Crore Scam? High Court orders further investigation

High Court orders investigation into fraud complaint against Vellore MARC Stock Exchange Investment Company

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Chennai: The Madras High Court has issued an order to the Tamil Nadu Police to register FIR a case and investigate the complaint against the Vellore-based stock market investment company MARC.

Karthik from Chennai invested Rs. 2.50 lakh and the profit has not been returned since July. He complained that the partners were absconding.

He filed a petition saying that he would file a case in the High Court as he complained to the DGP of the Tamil Nadu Police Department and the Chennai Police Commissioner but there was no action.

The complaint was filed against Mohanbabu Vijayan, Janardhanan Sundaram, Vedanarayanan Sundaram and Lakshmi Narayanan Sundaram, who were said to be the shareholders of MARC.

He sued for fraud by promising 26% per annum and 2% per month returns on investments.

It is said that there have been complaints that the MARC company has committed fraud to the tune of Rs.6000 crores.

In this case, the Madras High Court heard his petition and ordered to register a case against the concerned company and conduct an investigation.

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