<p>The raid was conducted on the office, owned by Sanjay B Tenginakayi from Belgaum, at SMS Shopping Market on College Road in the City, following complaints by the public in this regard. Tenginakayi is the Managing Director of the firm. The team of officials also inspected the documents with regard to the money collected from investors. <br /><br />Since the staff could not convince the officials that money was being collected through legal means, the documents were seized and the office was locked up. <br /><br />The divisional commissioner later told reporters that according to the company’s scheme, those depositing the money by December 31, would get a post-dated cheque of the invested money, that can be encashed after a period of three years, besides the monthly interest at a rate of 10 per cent. Those investing the money after December 31, would only get the monthly interest. <br /><br />Investors have been asked to deposit the money through online mode. It is said that the company has already collected Rs 50 crore, much more than the Rs 24 crore required for its scheme. It is learnt that Sai Multi Service Dairy Farm has not taken the necessary permission from either the Reserve Bank of India or the State Government. Also, the attitude of the staff aroused suspicion during the raid. The company has branches in Belgaum and a few other places. It has already started giving interest to the investors. Most of the investors are crorepathis, including government officials. <br /></p>
<p>The raid was conducted on the office, owned by Sanjay B Tenginakayi from Belgaum, at SMS Shopping Market on College Road in the City, following complaints by the public in this regard. Tenginakayi is the Managing Director of the firm. The team of officials also inspected the documents with regard to the money collected from investors. <br /><br />Since the staff could not convince the officials that money was being collected through legal means, the documents were seized and the office was locked up. <br /><br />The divisional commissioner later told reporters that according to the company’s scheme, those depositing the money by December 31, would get a post-dated cheque of the invested money, that can be encashed after a period of three years, besides the monthly interest at a rate of 10 per cent. Those investing the money after December 31, would only get the monthly interest. <br /><br />Investors have been asked to deposit the money through online mode. It is said that the company has already collected Rs 50 crore, much more than the Rs 24 crore required for its scheme. It is learnt that Sai Multi Service Dairy Farm has not taken the necessary permission from either the Reserve Bank of India or the State Government. Also, the attitude of the staff aroused suspicion during the raid. The company has branches in Belgaum and a few other places. It has already started giving interest to the investors. Most of the investors are crorepathis, including government officials. <br /></p>
