Court orders to assess the status of assets of Phenomenal company

Aurangabad, Feb 24:

The Aurangabad bench of Bombay High Court has directed the government to submit an affidavit within three weeks ordering to assess the current status of the assets of the Phenomenal Company. A bench comprising Justice VK Jadhav and Justice Sandeepkumar C More gave the orders recently.

The bench passed the order in a petition regarding a case of defrauding thousands of investors of crores of rupees by offering double returns. The next hearing on the petition will be held on March 11. The Phenomenal company had collected Rs 7,000 and Rs 12,500 each from thousands of investors, offering a return of Rs 1- 1.5 lakh after the policy matured. However, nothing was given to the investors after maturity. The company had defrauded crores.

The company's director and founder NK Singh was recently arrested by Latur police. Petitioner Nagnath Khalangri made statements to the police and other officers. However, no action was taken. So he filed a petition in the Aurangabad bench through adv Ramrao Biradar. The petition was heard on February 18, 2018 and the bench passed the order as above.

A case was then registered against the company's board of directors at Shivajinagar police station in Latur. Police arrested some of the directors. Subsequent investigations did not show much progress. Therefore, when the petitioners and other members protested in front of the police station, the police did not take any action despite their assurances. Therefore, Khalangri has filed a criminal petition.