UP Governor Ram Naik wrote to Arun Jaitley to recover investment

NEW DELHI: It's not always the aam aadmiwho falls victim to investment schemes promising high returns, but it helps if you are Uttar Pradesh Governor Ram Naik. Along with his daughter, Naik, a former BJP leader and oil minister, had invested in a fixed deposit scheme floated by Pune-based Phadnis Infrastructure.

While Naik had invested Rs 5 lakh, his daughter Vishakha Kulkarni had invested Rs 1 lakh. When the company refused to pay after the FDs matured early this year, Naik on September 18 wrote a letter to the finance and corporate affairs minister Arun Jaitley.

In his letter, Naik said Phadnis Infrastructure had duped hundreds of investors across Maharashtra. "I learnt that many investors of Maharashtra have invested lakhs of rupees with these companies and their cheques too are dishonoured," Naik wrote to Jaitley. When his daughter contacted the firm, she was promised that the amount would be paid by mid-September, Naik said, adding, "However, the oral promises were not kept. I request you to look into the matter personally as many investors met and complained to me."

Naik confirmed to ET that the matter was resolved after he wrote to Jaitley. "I invested in the fixed deposit as it was advised by a financial consultant. I had written a letter to the finance minister as the promises made by the company were not kept. The matter has now been resolved. I have also informed the ministry about the development," Naik said.