Multi-crore chit fund organisation Secured Investment Making Services (SIMS) founder and chairman K Surendra Gupta surrendered before the city police in connection with an alleged fraud case today. Surendra is alleged to be the prime accused in duping gullible customers to the tune of an estimated Rs 600 crore, by promising them hefty returns. Commissioner of Police B Shivadhar Reddy told reporters that a case against him has been registered and investigation is on. “Details about the fraud and the number of victims is yet to be ascertained,” he said. Meanwhile, crowds of victims have staged a sit-in before the police station, where the police lodged the accused, and resorted to a gherao, demanding that Gupta be handed over to them. In a bid to avoid any untoward incident, the police promised victims of timely action and recovery measures at the earliest. “We are on the way to seize properties of the SIMS fraudster Surendra. Unless investigation and interrogation is over, no action can be initiated to attach his properties except seizing records pertaining to transactions and freezing SIMS bank accounts,” the police commissioner said. Police teams have begun a drive to identify movable and immovable properties owned by the SIMS, besides understanding the number of victims and the size of the fraud. Victims were also asked to establish their identities as SIMS clients by producing pertaining to transactions or bonds issued by SIMS during the enrollment process. PTI
