Cinema Capital Venture Fund — Illegal & unilateral extension of the fund maturity
Mumbai, Mumbai City District, Maharashtra, India
This company is a big fraud. They promised returns of 35 % at time of launch of the fund to entice investors. I invested rs. 20 l on the promise that in 5 years time (Maturity period of the fund), the funds will give returns which would be secure and attractive..
They have paid nothing and in turn asked for first extension for 2 years and then again for 1 year extensions and warned now that if we insist on refund, the fund nav has eroded by 90 %. Based on this, they got extensions to the initial maturity period of 5 years. Over 7 years have now elapsed with zero returns and a bleak future for investors. I did not give my consent for this extension when last asked in oct'15.
The owner mr. Samir gupta has pocketed rs. 35 crores as upfront management fee from the investors and is not bothered. He does not respond to emails or phone calls.
Since sebi was involved in giving approval for this fund, we need to collectively approach them and lodge a complaint for recovery of our monies.
Thru this mail, i am requesting all investors to provide their email addresses and other contact details and let us form a group to collectively get mr. Gupta to at least pay up our principal amounts invested even if we cannot get ant interest on it.
Pl respond and let us apply pressure thru sebi, fir etc else our monies are doomed.
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