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UTI clears stand over cheating row

Clarifying its stand on a cheating case filed by a farmer from Hoskote against Unit Trust of India (UTI) for allegedly duping him of Rs 20,000 last week, the mutual fund company has said that the investor, V Rajappa, had been paid Rs 17,370 on January 1, 2010.

The firm added that the balance amount was reinvested and investor was issued 2000 units of Rs 10 face value for further investment based on his request.

"The requisition of further investment is purely on his request and there were no inducement or force from the company," said chief manager R S Kumar, adding that the office is not liable to pay any amount.

In a statement sent to MiD DAY, UTI said has also denied charges of manhandling by its staff when Rajappa visited the UTI Residency Road office on September 12.

"Rajappa had neither been beaten up nor subjected to misbehavior by any staff member. The investor's unruly behavior is uncalled for when no payment was due to him," Kumar added.

 

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