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Three held for duping investors of crores

NEW DELHI, Aug 14 2011

Wanted in a case of massive cheating running into hundreds of crores of rupees, three absconding directors of M/s Paazee Group of Companies, Tirupur were found hiding in Guwahati. All the three were arrested by the Central Bureau of Investigation (CBI) in Assam, on Thursday.
The absconding directors identified as managing director, K. Mohanraj and directors K. Kathiravan and Kamalavalli were on the run for nearly a year, before the law caught up with them, CBI sources said.

Sustained efforts by the CBI led them to the accused, who were in hiding in the North Eastern States. K. Mohanraj was traced to a hotel room in Guwahati and was arrested. The other two accused K. Kathiravan and Kamalavalli, who were traced to a resort near Cherrapunjee were summoned and after interrogation, arrested in Guwahati, sources added.

The accused were found to be in possession of a number of incriminating documents, one computer, two laptops, a good number of data cards, 21 cell phones, and many SIM cards of all service providers and a good number of credit and debit cards of various banks. All the accused are being produced before the Special Judge for TANPID cases in Coimbatore.

M/s Paazee Group of Companies had in 20082009 collected around Rs 1600 crore from 48,000 depositors promising hundred per cent return on investments within 90 days to a year. The Central Crime Branch (CCB), Tirupur registered a case in 2009 against M/s Paazee Group of Companies for having cheated the public to the tune of several hundred crores of rupees. All accused absconded before surfacing at the Madras High Court of Madras, which granted them anticipatory bail on their promise of settlement.

However, Madras High Court subsequently cancelled their anticipatory bail and on September 21 last year, the Supreme Court also upheld the cancellation of the bail. Since then the fraudulent trio were on the run evading repayment to the depositors and due process of law. Following a petition by a few depositors Madras High Court transferred the probe to CBI in June.

Top cops to be quizzed in multi-crore fraud

CHENNAI: CBI officials will question police and bank officials in connection with the multi-crore Paazee scam in Tirupur. The investigation agency has prepared a list of officials to be questioned based on the information received from three accused who were arrested on Thursday.

"We are preparing a list of people to question in connection with the Paazee case," said a senior CBI officer. The accused could not have not run the scam without help from bank and police officials, he said.
CBI sources said more than 50 people, including police officers at the rank of inspector general and bank mangers, will be on the list. Two teams of CBI officials are in Coimbatore and Tirupur.

Police have registered 10,332 cases against Paazee Forex Trading Firm for cheating depositors of more than Rs 200 crore. K Mohan Raj, managing director of Paazee, was arrested in a hotel room in Guwahati on Thursday. Company directors K Kathiravan and A Kamalavalli, who were at a resort at Cherapunjee, were arrested after summoning them to Guwahati on the same day. They were produced before a special court dealing with cases under the Tamil Nadu Protection of Interest of Depositors (In Financial Establishments) Act, 1997, in Coimbatore. The court allowed CBI to take them into custody for seven days on Thursday.

The investigation officer sent them to the government medical college hospital in Coimbatore. "Their health condition is normal. They are ready for further investigation," an officer said.

The economic offences wing of the agency plans to bring the accused to Chennai. "They confessed that they deposited crores of rupees in several agencies in the city," the officer said.

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S.Arvind
Founder, Forexnext.com, Sunpips.com, Suninside.com
Forex Education and Trading Advisory Consultant
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