Investors sue owner, but her lawyer says money stuck overseas

Investors sue owner, but her lawyer says money stuck overseas
At a loss: Mr Haresh Govindaraju with the letter he got from the couple's lawyer. The cheque he received later bounced, he said.

They alleged that they have not received any returns since 2012 and attempts to get their principal sums back were unsuccessful.

At least 49 people have come forward to claim that they pumped in a total of about $4 million into the firm.

Some of them were childhood friends of the company's manager, Mr Murali Krishnan Naidu.

His wife, Madam Santhi M. K, is listed as the owner of the firm, San Tee Credit, which was registered in 2006.

They claimed that the couple are no longer contactable. Two police reports have been made and three lawsuits filed against Madam Santhi.

One police report, representing 32 investors who said they had invested $3.13 million, said they had "not received the promised full investment and principal payouts" from San Tee Credit.

Nine investors told The New Paper last week how they invested their life savings in the company.

A 44-year-old part-time taxi driver, who wanted to be known only as Sam, said: "I went to school with the both of them (Mr Murali and Madam Santhi). They were then dating each other. I am hurt that they have disappeared."

He said he had invested about $190,000 of his life savings starting from 2010.

Like most of the investors, he was promised a 2.5 per cent to 3.5 per cent return on his investment every month.

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