THRISSUR:Thrissur Additional CJM remanded L Sarath Babu, 30, chief accountant of Nano Excel, to judicial custody till July 30, following his capture by Crime Branch EOW team from Hyderabad.
The company is embroiled in a case related to swindling of `400 crore in a money chain model business fraud. The company had gained the trust of investors after widely publicising that they had signed an MoU with Arunachal Pradesh Govt for setting up a solar and hydro power plant. The plant was purportedly to be set up at Puitgong Nullah there.
The Crime Branch had filed chargesheet against 62 persons, including Nano Excel Group MD Harish Babu Maddineni and his wife Meera.