STOCK MARKET BSE NSE

Chargesheet Filed Against Ex-MP In Rs 75 Crore Fraud Case

Published: 01st June 2014 08:47 AM  |   Last Updated: 01st June 2014 08:52 AM   |  A+A-

CHENNAI:  The city police have filed a chargesheet against former MP K C Palanisamy in a local court under various sections of the IPC in connection with a cheating case.

The case pertains to alleged swindling of `75 crore from a Mauritius-based company owned by a Singapore national by luring him to invest in India.

Police sources said that the Central Crime Branch of the Chennai city police named eight persons and eight companies, including the Coimbatore-based Cherraan Constructions Limited and the Cheran Foundation Trust as the accused in the chargesheet.

The chargesheet was filed before the Chief Metropolitan Magistrate court, Egmore.

The police accused that Palanisamy had “lured” R Athappan, a Singaporean, in 2004 to invest `75 crore as share capital in a joint venture company that intended to develop 26 acres of immovable property, worth `100 crore, in Coimbatore and build a hotel and an IT park.

However, other partners in the venture had accused that Palanisamy transferred an amount of `75 crore to the accounts of companies owned by him without their knowledge and cheated them.

The police said Palanisamy had committed offences punishable under Section 465 (punishment for forgery), 468 (forgery for the purpose of cheating), 471 (using as genuine forged documents), 477-A (falsification of account), 420 cheating and 423 (fraudulent removal or concealment of property) and other sections of the IPC.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp