KOZHIKODE:The Economic Offences Wing (EOW) of the Crime Branch will bring to the state the Chief Accountant of the company Nano Excel, in the case related to the swindling of Rs 400 crore in a money chain model business fraud.
Earlier, a team led by Crime Branch EOW Kozhikode SP Abdul Kareem and Kottayam SP Ramachandran had nabbed L Sarath Babu, 30, the Chief Accountant of Nano Excel, from Hyderabad.
Officials said Sarath Babu, who has been produced before a court in Hyderabad, will be produced before the Special Court for Economic Offences at Thrissur on Friday.EOW sleuths earlier arrested P P Ranga Reddy, 63, of Chandra Nagar, Hyderabad, from his residence and brought him to Kozhikode.
Nano Excel Pvt Ltd is the multi-level marketing company that swindled around Rs 400 crore and duped investors in the name of a power project to be implemented in collaboration with the Arunachal Pradesh government. Majority of the cases were reported in Thrissur district.
Some cases were reported in Ernakulam, Palakkad, Kottayam, Idukki and Kozhikode districts.
The Crime Branch had filed a chargesheet against 62 people, including Harish Babu Maddineni, MD of Nano Excel Group, and his wife Meera.
 Investigators have nabbed 13 persons so far, including Harish Babu and Patrick Thomas, directors of the company.
Documents submitted by the investigation team to the High Court earlier had revealed that investors were promised high returns through the money chain from the purported hydro power plant, that was to be set up at a place called Puitgong Nullah in Arunachal Pradesh.
Brochures claimed the company had signed an MoU with the Arunachal Pradesh government for setting up a solar and hydro power plant, based on nano technology. Many investors, who were initially unwilling to invest in the money chain, now agreed as the company widely publicised the fact that the project was being set up in collaboration with the Arunachal Pradesh government.
The company thus collected crores of rupees and issued share certificates as proof of having invested in the project.