Growing Way executive accused of defrauding clients of 1.5 billion crowns after promising huge returns
Translated from Czech and summarized by DistantNews. Read the original for the full story.
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In the courts
- Growing Way executive Ondřej Janata denied fraud allegations and pleaded not guilty at the Regional Court in Ostrava.
- Prosecutor Alexandra Dadam says the fund took more than 1.5 billion Czech crowns from over 4,000 clients by promising annual returns of 20% to 30% funded by new investors’ deposits.
- The defense says the prosecution is premature and has asked the court to return the case for further investigation.
Ondřej Janata, the executive of investment fund Growing Way, rejected fraud charges at the Regional Court in Ostrava and declared himself innocent.
Prosecutor Alexandra Dadam alleges that the fund used elements of a Ponzi scheme and left more than 4,000 clients with losses exceeding 1.5 billion Czech crowns. Investors had reportedly been promised returns of between 20% and 30%.
According to the prosecution, those returns came only from deposits made by new investors. Prosecutors also claim that money flowed into luxury cars, interest-free loans and commissions.
Janata’s defense disputes the timing and basis of the prosecution. It considers the case premature and is seeking to have it returned for further investigation.
About this summary
Originally published by iDNES in Czech. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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