The chargesheet in the multi-crore Tycoon money chain fraud case will be filed before the Vadakara Judicial First Class Magistrate Court within two weeks, according to the investigation officials.
Sources with the police maintained that as they had got vital data on the deals carried out by the company from a seized computer hard disk, the officials are in the final process of completing the investigation.
According to officials, the chargesheet will be filed within two weeks time. So far, the team led by Deputy Superintendent of Police, Vadakara (Crime Detachment) P P Sadanandan has arrested around 40 persons in the case including eight directors of the company, Kamala Kannan, Sadasivam, Bhoopathi Manoharan, Kripakaran, Pintaseth, Narayanan, Sreeram and Pratheesh.
The investigation team had filed an application before the Chief Judicial Magistrate Court, Kozhikode to make Sreeram and Pratheesh approvers in the case as they are not actually directors.
The company, formed in 2009, had offered a scheme to more than 50,000 investors in Kozhikode, Kannur, Malappuram, Palakkad, and Thrissur districts, promising to pay 10,000 a month for three years on a deposit of `1 lakh.
However, the investors failed to receive the promised amount after a few months. All the accused were charged under various sections of the Prize Chits Money Circulation Schemes Banning Act, Money Laundering Act, IT Act, SEBI Act and RBI Act.
Earlier, police seized a computer hard disk that contains vital data on the commission given to team leaders for enrolling customers by Tycoon Empire International, from Hyderabad. The investigation team found that regular payments were made to a software company in Hyderabad for providing technical support to the website of Tycoon Empire International.
Police said that Narasimhalu, a 36-year-old MBA graduate, who was arrested in the case earlier, was the kingpin of the Chennai-based multilevel marketing company, though he did not directly involve in its activities. According to the police, he was very much aware of the illegality and was careful not to use his name or address anywhere in the documents related to the marketing company or on its website.
However, the accused was zeroed in after tracking the cash flow from various accounts in the banks. Police also seized four luxury vehicles of Narasimhalu and attached 82 acres of land, which he bought in Ooty, Coonoor and Palladam using the money accumulated from the money chain business.