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The economic offences wing of the police here has issued a lookout notice against Yash Birla for not paying back investors their money invested in a fixed-deposit scheme run by Birla Power Solutions. P V R Murthy, the managing director, who was arrested this week by the wing, has been remanded till February 5.
The wing’s officials said money from the company had been routed to other group companies in loans.
The case was first reported on December 31 when the city’s Marine Drive police registered a against the company for allegedly duping a Worli-based businessman of Rs 1 crore by not repaying his investment on maturity.
The case was later transferred to the wing. So far, 28 investors have approached the wing saying they had been cheated of a total of Rs 20 crore. A lookout notice is a circular sent at all immigration checks at international borders for notifying the authorities concerned at the first sight of the person.
