He is involved in five economic offences cases
The Central Bureau of Investigation (CBI) has arrested an absconding person, who was wanted for his involvement in five cases (economic offences) after he was deported from Riyadh, on his arrival at the Cochin International Airport.
The cases were registered by the CBI in Chennai. The agency had issued a ‘red notice’ through INTERPOL against him. He was produced in court here on Sunday. It had registered five cases on the orders of the Kerala High Court and took over their investigation from the Kasaragod police.
In four cases, it was alleged that the accused and others had floated a company based in Kasaragod, made false promises and representations / declarations to the public on the assurance of return of investment with much higher / exorbitant rate of interest after 61 days of the investment and also promised to pay a commission of 2% monthly to the agents who had mobilised investments for the company.
During the investigation, it was found that in 2009-11, the accused had hatched a conspiracy in Kasaragod and other places, floated a scheme called Forex Trade (trading with foreign currencies), promised a monthly return of 7% on principal to the depositors and 2% to the agents, collected deposits to the tune of over ₹9 crore and cheated depositors by not repaying the assured returns and the principal amount.
Following the investigation, a chargesheet was filed in the court of the Chief Judicial Magistrate, Ernakulam, and the accused were declared as proclaimed offenders by the court.
The fifth case was registered on the charge that the accused had induced the petitioner / complainant to arrange around ₹50 lakh as deposit and promised to give monthly returns arising out of the business to the depositors. The complainant said he had invested ₹19 lakh in 2011 in the said company, but the accused did not pay returns and the principal amount.
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