2 Indian restaurants in Colorado duped investors of USD 380K: Officials


PTI, Apr 25, 2024, 8:47 AM IST

Two Indian restaurants in Colorado have duped investors to the tune of USD 380,000, 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.

The two restaurants were owned by The Bombay Group (TBG), which entered into an agreement with securities broker Michael Bissonnette. Both defendants declined offers to discuss the allegations with “BusinessDen”, the daily reported.

Like many in the restaurant industry, TBG had grand plans to expand its business into a nationwide conglomerate, with hundreds or even thousands of locations. In 2014, TBG owned and operated two restaurants: Bombay Clay Oven, a restaurant that had operated for more than two decades, and Saucy Bombay, a new endeavour with a single location in a food court.

TBG’s plan was to franchise Saucy Bombay in order to capitalise on the fast-casual restaurant trend, the lawsuit said.

“The investors in this case really believed in The Bombay Group and their restaurant, Saucy Bombay,” Tung Chan, the state’s securities commissioner told the newspaper. “But as we allege, the investors were not told the truth about the investments and they have not been paid back. If you have invested with The Bombay Group, please contact the Securities Division right away,” he said.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

PM waived loans of 22 people but couldn’t give Rs 9,000 cr for HP monsoon disaster: Rahul

Congress alleges Kerala Ministers “lied” about liquor policy, demands judicial probe

Opposition alliance will change Constitution, give reservation to Muslims: PM

Gujarat HC takes suo motu cognizance of Rajkot game zone fire, calls it man-made disaster

Akola hottest city in Maharashtra at over 45 degree Celsius; district collector imposes Section 144

Lok Sabha Elections 2024: In a keen contest from Bathinda seat, ‘Badal bahu’ Harsimrat fights for fourth term

“Aa bail mujhe maar”, says SC about poll panel’s Voter Turnout app

Related Articles More

NASA will soon provide advanced training to Indian astronauts: Garcetti

More than 100 people believed killed by a landslide in Papua New Guinea, Australian media report

Indian-origin woman jailed in Singapore for manipulating bike’s number plate to avoid charges

22 passengers suffered spinal cord injuries, 6 had head trauma from turbulence-hit Singapore Airlines flight

British PM Rishi Sunak declares July 4 as UK general election date

MUST WATCH

Peacock rescued from well

Popular Guruprasad Restaurant

Haralukote Shri Anjaneya Swamy |Udayavani

Caring For Your Newborn baby

Sri Lanka temple


Latest Additions

PM waived loans of 22 people but couldn’t give Rs 9,000 cr for HP monsoon disaster: Rahul

Congress alleges Kerala Ministers “lied” about liquor policy, demands judicial probe

Odisha: BJP candidate arrested for allegedly vandalising EVM

Naxal problem will be over in next 2-3 years, says Amit Shah

Naxal problem will be over in next 2-3 years, says Amit Shah

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.