2 Indian restaurants in Colorado dupe investors of USD 3,80,000
2 Indian restaurants in Colorado dupe investors of USD 3,80,000
Washington: Two Indian restaurants in Colorado have duped investors to the tune of USD 3,80,000, state regulators have alleged and are now seeking to recover the amount from them.
In a lawsuit, the Colorado Division of Securities has alleged that the owners of Indian restaurants Bombay Clay Oven and Saucy Bombay used “half-truths and lies” to sell investors on their grandiose plans for a nationwide expansion before spending the USD 380,000 that shareholders invested on rent, operating costs and Ponzi-like payments, local newspaper “BusinessDen” reported on Wednesday.
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