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Learn Forex Trading > Articles  > SC upholds anticipatory bail cancellation of fraud accused
Supreme Court upholds anticipatory bail cancellation of fraud accused

New Delhi, Sept 21 (PTI) The Supreme Court today upheld the anticipatory bail cancellation of K Mohan Raj, the owner of an investment company who allegedly swindled about Rs 576 crore belonging to 43,000 gullible investors.
A Bench of Justices Markandeya Katju and T S Thakur dismissed Raj''s plea after taking note of the affidavit filed by Tamil Nadu Government and the counsel S Thananjayan that the accused had only Rs six lakh in his 10 bank accounts and was not in a position to refund the Rs 576 crore as promised by him. According to the counsel, Mohan Raj floated a company Paazee Marketing Company for the ostensible purpose of marketing online educational books and computer hardwares, but allegedly lured several investors to invest in his money saving scheme promising 25 to 30 per cent rate of interest. Lured by the promise, about 43,000 investors spread throughout the country invested about 576 crore during 2009, but failed to get their money back. After the Economic Offences Wing of the Tamil Nadu police took up investigations, Raj moved the the Madras High Court which granted him anticipatory bail on October 8, 2009.

The accused was granted anticipatory bail along with two of his accomplices on the condition that he would take steps to refund the money. But the anticipatory bails were cancelled by the High Court on September 3, 2010, after they failed to keep the promise. Aggrieved, the accused appealed in the apex court.

However, the Tamil Nadu government submitted documents to establish the claim that Raj had only Rs six lakh in his bank accounts and was not in a position to repay the investors as is being promised by him.
Satisfied with the state''s contention, the apex court dismissed the plea of Raj and his accomplices.

Source : http://news.in.msn.com/business/article.aspx?cp-documentid=4410784 ( MSN, India )


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