Lakshmi Narayanan, Janardhanan, and Vedanarayanan are the owners of IFS, International Financial Services. This Vellore-based company claims to give returns on investment through the stock market. But as per the recent update, the headquarters and branch officers are closed for 15 days.
It is said the company has collected thousands of crores of rupees from the public. promising to give 8% profit per month on an investment of Rs. 1 lakh. And also, this 5-year old company also lends money at 2% interest to the people. IFS has branches in more than 50 places. The northern districts of Tamil Nadu, Mumbai, Delhi, and Chennai. The investments are collected through stock and insurance company agents.
Surprisingly, the Indian government is highly involved in this investment. Some high-profile business owners, government contractors, government employees, doctors, and leading personalities have invested crores in the company. The money is collected by forming multiple WhatsApp groups claiming to be stock market investment groups.
Karthik, a resident from KK Nagar, Chennai, filed an FIR at the Chennai High Court against IFS. He had put in 56 lakhs on his own. However, his close relatives and friends together have invested up to 18 crore rupees. No returns were given to Karthik. The police did not take any action against the FIR. Investments were collected in various accounts. and later deposited in multiple accounts.
There was a raid conducted in 21 places in Chennai. including the Tamarai Tech Park, Lakshmi Narayanan’s house, the IFS Head Office in Vellore and other agents’ places. This raid is done to collect the details and money involved. Similarly, a company named Arudra is also practising similar activities. Where the owner has promised to pay 30% interest on a deposit of 1 lakh rupees.