Double Trouble For Jvg Fin As Depositors, Staff Queue Up

Several anxious depositors and field-workers of JVG Finance yesterday made a beeline to the companys offices in Delhi to claim their dues, accusing the company of not redeeming deposits that have matured in the past couple of months.

Government sources said the RBI had restrained the company from raising deposits from the public until its books are in order. The formal orders are yet to be issued, they added.

The field-workers, who raise deposits from investors on behalf of JVG, have arrived from neighbouring states. They said they were nervous and could not go back to their local offices without collecting the dues as they dread the investors fury. More and more depositors and field workers are expected to pour into JVGs offices here in the next few days, they added.

 

None of JVG Finances top officials were available for comment. A portly guard at chairman V K Sharmas secretariat refused to allow this correspondent to enter the office. He said the chairman was not available and could not be contacted. The company is having a liquidity problem, said a depositor from Ranchi, adding that he had been making the rounds of the JVG offices since the past few days.