Rs 500 cr financial fraud in Vizag, agent ends life

Another financial fraud unearthed where a company “SIMS” closed its shutters by collecting about Rs 500 crore in the form of deposits from the gullible investors in Visakhapatnam.

The company lured the middle class people by offering heavy interest rates. It paid Rs 10,000 interest on Rs 1 lakh deposit for same days, which attracted the attention of more number of people. The management stopped payment of interest for the past three months and the main players were absconding.
Meanwhile, the investors showed their ire, raided the premises of Sims office at Anakapalli and Yelamanchili and damaged the furniture. Sims agent Sattibabu who collected deposits killed himself by jumping into the speedy train at Anakapalli. The depositors were agitating at Chodavaram in the district.
-    Sakshipost