India

‘Refund deposits to public’ – The Hindu

The Economic Offences Wing (EOW) of the police has directed Rafoll Retails (OPC) Pvt. Ltd., Eggmart, to refund deposits collected from the public.

The firm had collected deposits from the public under three schemes.

It claimed that for an investment of ₹700 per year, ₹1,400 per year and ₹2,800 per year, they would supply 6 eggs, 12 eggs and 24 eggs each week respectively.

The EOW, in an official release on Thursday, said it had summoned Sivam Narendran, founder of the firm, for inquiry during which it came to light that the company did not possess any licence for getting deposits from the public.

Hence, the firm was directed to refund the deposits and also to freeze its online account so as to not accept further deposits from gullible public, said the EOW in its press release.

The agency cautioned the general public against falling for schemes soliciting deposits by making exaggerated claims.


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