KOCHI: The Central Bureau of Investigation (CBI) probing the money chain scam, involving more than Rs 300 crore, is planning to issue red corner notice against three persons accused in the case, including the managing director of Global Trade Solutions.
The CBI has initiated steps to arrest Global Trade Solutions managing director C V Sadique of Nayanmarmulla in Kasargod; his wife Kadeeja and Nayanmarmulla-native Sudheer, with the assistance of the Interpol.
The CBI has alerted the Interpol of the possibility of the trio staying in some Gulf country. The CBI has also approached the Ernakulam Chief Judicial Magistrate Court for issuing non-bailable arrest warrants against them, as a first step towards issuing red corner notice.
The case is that Sadique and his wife cheated investors to the tune of around Rs 300 crore through the money chain company they launched in North Kerala. The company employed promoters in all districts and collected money from the public, promising interest of Rs 7,000/month on investment of Rs 1 lakh. In 2011, the accused persons went into hiding with the money.