Investors file fraud complaint against Royal Twinkle, Citrus Check-Inns; over 50,000 depositors cheated of Rs 100 crores in Pune

Mubarak Ansari
Saturday, 16 December 2017

Pune: Over 50,000 investors have been left in the lurch due to non-payment of their dues, over Rs 100 crore, for investments made with Citrus Check-Inns Ltd (CCIL) and Royal Twinkle Star Club (RTSCL). The investors, under the aegis of Royal Twinkle-Citrus Investors Forum (RTCIF), held a protest meet at Kalaprasad Mangal Karyalaya in Sadashiv Peth on Saturday.

The investors also accused Pune city police of being ‘soft’ against the accused persons. The depositors will organise a protest at the Police Commissioner’s Office on December 19.

Pune: Over 50,000 investors have been left in the lurch due to non-payment of their dues, over Rs 100 crore, for investments made with Citrus Check-Inns Ltd (CCIL) and Royal Twinkle Star Club (RTSCL). The investors, under the aegis of Royal Twinkle-Citrus Investors Forum (RTCIF), held a protest meet at Kalaprasad Mangal Karyalaya in Sadashiv Peth on Saturday.

The investors also accused Pune city police of being ‘soft’ against the accused persons. The depositors will organise a protest at the Police Commissioner’s Office on December 19.

According to investors, the companies offered club membership by way of holiday entitlement plan on refundable basis. The companies mainly operated timeshare schemes for their clients, comprising of Economic Holiday Plan, Comfort Holiday Plan and Luxury Holiday Plan, wherein the clients paid money to avail the holiday plans, hotel accommodation, sightseeing, travel guide, ticketing, food coupon, gift shopping and itinerary orgainised with several hotels cum resorts across the country.

They floated lucrative schemes like recurring plans, pension plans and double return plans as well. Most investors are from economically weaker sections and retired persons.

The investors alleged that the holiday entitlement companies cheated nearly 18 lakh people to the tune of Rs 7,500 crore and sought action under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.  

The depositors have petitioned Pune Police Commissioner Rashmi Shukla, asking her to take action against the company officials - Group Chairman and Managing Director Omprakash Basantlal Goenka, directors Prakash Ganpat Uttekar, Venkatraman Natrajan, Narayan Shivram Kotnis, and others.

They have sought a probe by the  Economic Offences Wing (EOW) and Cyber Cell in getting a refund from them.

RTCIF member Rajashree Gadgil said, “We had given complaints to Pune police in December 2016 and July 2017 but no action has been taken till now.”

SEBI had banned company
The Securities and Exchange Board of India (SEBI) had placed a ban on the company and its directors in 2015. On February 3, 2016, the Securities Appellate Tribunal (SAT) ordered the companies to return the money to the investors in three months but the directors sought two years extension.

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