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'Hand over fraud case to CBI'

THIRUVANANTHAPURAM: The Lord Sai Securities Deposit Protection Committee has demanded that the cases against Padma Kumar, the director of the  Lord Sai Securities, and his wife and co-dir

Published: 10th April 2012 07:59 AM  |   Last Updated: 16th May 2012 07:25 PM   |  A+A-

THIRUVANANTHAPURAM: The Lord Sai Securities Deposit Protection Committee has demanded that the cases against Padma Kumar, the director of the  Lord Sai Securities, and his wife and co-director Dr Priya, who have allegedly cheated the public of Rs 2.5 crore by starting a fake portfolio management service, should be handed over to the Economic Offences Wing of the CBI.

 In a press meet organised here, the leaders of the committee accused the Police Department of turning a blind eye to their complaints and said that it was even trying to scuttle the course of the investigation.

 The members of the committee had earlier complained  to the authorities that the two had embezzled Rs 1.4 crore from the account of Pran Developers and Builders, a company floated by Padma Kumar, after appointing some of the investors with Lord Sai Securities as directors. The members alleged that the duo later  changed the name of the company without informing other directors and opened an account in the SBI branch near AKG Centre.

 They also committed several grave economic offences which pertain to violation of Foreign Exchange Management Act (FEMA). But the police are yet to arrest Dr Priya, who is the second accused, even after the court turned down her bail application, they charged.

 Sajan Gangadharan, K Kanchana,C Chandran and A Shiyad were present in the press conference.



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