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Three Forex co directors arrested, taken to police custody |
Coimbatore, Aug 12, 2011 (PTI):
Three directors of a Forex trading Trading Company of Tirupur, which allegedly cheated investors of Rs 1,600 crore were taken into custody today. The trio, who had been at large for more than a year, were traced to Guwahati by CBI, which is investigating the case, arrested and brought here this afternoon, police said. All of them were produced before the CBI Court which granted the agency seven days custody for questioning them. A CBI press release said K Mohanraj, Managing Director, K Kathiravan, Director and Kamalavalli, Director of Paazee Group of Companies, were arrested yesterday in Guwahati It said they had collected around Rs 1600 crore from 48,000 depositors between 2008-09 with a promise of more than 100 per cent return on investments within 90 days to one year. Madras High Court granted them anticipatory bail in 2009 after their promise of settlement, but cancelled it in 2010 on reviewing the settlement. As the Supreme Court too later upheld cancellation of their anticipatory bail, they were on the run, it said. Since some depositors moved Madras High Court to transfer investigation of these cases to CBI, the Economic Offences Wing, Chennai began investigation on June 15 this year,it said They were found in possession of a computer, two laptops, data cards, 21 cell phones and many SIM cards and credit and debit cards. IN DETAIL COIMBATORE: After a massive nationwide hunt
that lasted more than three months, sleuths of Central Bureau of
Investigation (CBI) have arrested three absconding directors of a Tirupur-based
finance firm, which allegedly duped over 48,000 depositors from 12 states
including Delhi and Haryana, of 1600 crore, in one of the biggest
financial frauds in the history of Tamil Nadu. Forward this letter to any forex trader you know. Aspire to Inspire, Before You Expire! |
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