Indian restaurant in Colorado cheated investors out of $3,80,000: Lawsuit

The Colorado Division of Securities has alleged in its lawsuits that a local Indian restaurant called Saucy Bombay raised $380,000 for a nationwide expansion before funnelling the money elsewhere.

Regulators in the US state of Colorado are suing a restaurant group and a broker, alleging they misled investors and duped them of $3,80,000 after floating a nationwide expansion plan for a fast-casual Indian restaurant chain.

The Colorado Division of Securities filed lawsuits on April 16 against The Bombay Group, its owner Marshall Miranda, and broker Michael Bissonnette, US news portal BusinessDen reported.

In Short

  • Colorado regulators sue Bombay Group and broker for misleading investors
  • Bombay Group allegedly duped investors of $3,80,000 with false expansion plan
  • Lawsuit alleges misuse of funds, false promises and selling unregistered securities
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