Founder of Ringing Bells, company that promised Freedom 251 smartphone at Rs 251, quits
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Goel was the managing director of the company ans has started another company, MDM Electronics. His wife Dhaarna, who was a director in Ringing Bells, has also quit.
Goel’s brother Anmol is now in charge of Ringing Bells, the company confirmed in a release, adding he would take care of its liabilities.
However, no clear indications regarding the way forward were given and that left dealers who have taken advances to distribute the phone, named Freedom 251, anxious.
Mohit and Dhaarna have given no explanation for leaving.
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After Freedom 251 was announced, seven crore people registered for it and 30,000 people made advance payments. Facing immense pressure, but without a manufacturing facility for the phones, the company reportedly refunded the advance and tweaked the plan to make it a cash-on-delivery offer. Dealerships were opened all over the country with advances to sell the phone.
"I have shut down my shop as I did not know how to answer people who gave us money . We had given money to Ringing Bells. We did not go to police as they gave us a cheque dated December 31, 2016. Now, they have gone missing," Prakash told ET.
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