States »SoutPosted at: Mar 28 2021 7:07PM CBI arrests absconding accused on deportation from Saudi Arabia
Chennai, Mar 28 (UNI) The CBI has arrested an absconding
accused (Economic Offender) at Delhi who was deported from
Riyadh.
The CBI had registered five cases against him in Chennai and had
issued a Red Corner Notice through Interpol against the accused.
The accused was located in Saudi Arabia and with the close
assistance and coordination with the authorities in Saudi Arabia
through Interpol channels, he was deported back to India.
The accused was produced before CJM court in Ernakulam and
remanded in judicial custody till April eight.
CBI had registered five cases on the orders of Kerala High Court
and taken over the investigation of the cases, earlier registered
at Kasargod police station in Kerala.
In four cases, it was alleged that the accused and others floated
a private company at Kasargod (Kerala), made false promises
and representations/declarations to the public with the assurance
to return of investment with higher/exorbitant rate of interest after
61 days of their investments and also promised to pay commission
of two per cent per month to the agents who had mobilized the
investments.
During investigation, it was found that between 2009–11, all the
accused, including the arrested one, private company (seven
private persons & one company) had entered into conspiracy
at Kasargod and other places, floated a fraudulent scheme
called Forex trade (trading with foreign currencies), promised
a monthly returns of seven per cent on principal to the
depositors and two per cent to the agents for mobilizing the
depositors, collected huge deposits in cash to the tune of
around Rs.9,93,68,000 from the depositors and cheated
them by not repaying the assured returns as well as the
principal amount.
After investigation, a chargesheet was filed in the CJM Court
Ernakulam and the accused were declared as Proclaimed
Offenders by the Court.
The fifth case was registered on the allegations that the accused
induced the petitioner/Complainant to arrange about Rs.50 lakh
as deposit and promised to give monthly returns arising out of
his business to the depositors.
The complainant allegedly invested 19 lakh in 2011 in the said
company and the accused did not pay returns as well as the
principal amount.
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