Immovable properties, including housing sites and agricultural land, owned by the promoter of the fraudulent Tirupur-based firm M/s Paazee Forex Trading India Private Limited and his family members have been attached by the State Home Department.
The company floated by a former vernacular journalist Kathiravan had duped investors of several crore rupees after promising them lucrative returns through Forex trade. The three prime accused in the case Kathiravan, his son Mohanraj and his business partner Kamalavalli were arrested following a long hunt after they had jumped bail.
In a related development, Pramod Kumar, an Inspector General of Police, was suspended and arrested for allegedly extorting money from the accused to cover up the crime.
Sleuths of the Central Bureau of Investigation (CBI) are presently probing the case and identifying the properties accumulated by the accused using the money of the gullible investors.
The CBI’s Superintendent of Police (Economic Offences Wing) had written to the Home Department recommending that properties owned by promoters of the company be attached.
Acting on this, the Home Department, to protect the interests of the depositors, has recently issued an ad-interim order attaching the identified immovable properties. The control of properties shall be transferred to the Competent Authority (District Revenue Officer, Coimbatore) as per the provisions of Section 3 of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997.
The Competent Authority, on the directions of the TANPID court in Coimbatore, would be entitled to liquidate the assets and compensate the depositors on a pro-rate basis.
“Seven land holdings including housing sites in Kangeyam in Tirupur and Coimbatore districts have been attached. Also, four acres of farmland and ancestral agricultural property belonging to Kathiravan have been attached,” a source said.
“While three properties each stand in the name of Kathiravan and his wife Ponnammal, Mohanraj owns one,” the source said adding “this is just a fraction of the property owned by the accused. The rest would be attached soon.”