STOCK MARKET BSE NSE

CBI arrests ponzi firm promoter after his deportation from Saudi Arabia

With the help of the scheme, Sudeer Muhammed Cheriya Vannarakkal collected over Rs 9.98 crore of investments from people but did not pay the promised returns and principal.

Published: 28th March 2021 06:55 PM  |   Last Updated: 28th March 2021 06:55 PM   |  A+A-

CBI, Central Bureau of Investigation

Image used for representational purpose (File Photo)

By PTI

NEW DELHI: The CBI has arrested Sudeer Muhammed Cheriya Vannarakkal who allegedly siphoned off about Rs 10 crore of public money through a ponzi scheme after he was deported from Saudi Arabia following an Interpol Red Notice, officials said on Sunday.

Cheriya and his partners had floated a ponzi company in 2009-11, called Forex Trade, in Kasargod in Kerala and lured gullible investors with a promise of exorbitant rates of interests on 61-day deposits and an assurance of 2-per cent commission per month to agents, they said.

With the help of the scheme, he collected over Rs 9.98 crore of investments from people but did not pay the promised returns and principal.

The CBI took over the investigation into the case on the directives of the Kerala High Court and registered five cases against him, his accomplices and the company which were earlier probed by Kerala Police, they said.

"He was involved in five cases registered by CBI in Chennai.

CBI had got issued a Red Notice through Interpol against the accused.

The accused was located in Saudi Arabia and with the close assistance & coordination with the authorities in Saudi Arabia through Interpol channels, he was deported back to India," CBI spokesperson R C Joshi said.

He said the accused was produced before a special court in Ernakulam which sent him to judicial custody till April 8.

"After investigation, a charge sheet was filed in the Court of Chief Judicial Magistrate, Ernakulam.

The accused were declared as Proclaimed Offenders by the court," Joshi said.

He said the fifth case was registered on the allegations that the accused induced the a complainant to arrange approximately Rs 50 lakh as deposit and promised to give monthly returns arising out of his business to the depositors.

"The complainant allegedly invested Rs 19 Lakh in 2011 in the said Company and the accused did not pay returns as well as the principal amount to the complainant. A charge sheet was filed in the special court, Ernakulam in this case as well," Joshi said.

 



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.

flipboard facebook twitter whatsapp