Vizag SIMS MD surrenders

SIMS managing director Surender Gupta, who fled after collecting funds to the tune of Rs 500 crore from the depositors by offering high interest rates, surrendered before the police on Sunday.

It may mentioned that there were wide spread   protests at the SIMS branches at Visakhapatnam, Anakapalli, Chodavaram and other branches demanding their money be given back. An agent-cum-depositor allegedly committed suicide at Anakapalli by jumping into the train on Saturday. The MD surendra Gupta fled after downing the shutters. The investors alleged that the company had stopped paying the interest for the past three months.
-Sakshipost