STOCK MARKET BSE NSE

JBJ Company Owners Held in Salem by EOW

Published: 26th September 2014 06:00 AM  |   Last Updated: 26th September 2014 06:00 AM   |  A+A-

CHENNAI: The Economic Offences Wing on Wednesday arrested Justin Devadoss and wife Bella, the main accused in the multi-crore JBJ City Developers fraud that rocked the State in 2009, from a hideout in Salem.

The couple, along with other accused, had cheated nearly ` 39 crore from several people by running ponzi investment schemes. The scam was brought to light in 2009 and the couple was arrested in 2010 by the Bangalore police.

Their properties worth around `60 crore were attached by the Economic Offences Wing that has filed a charge sheet against them in the Tamil Nadu Protection of Interest of Depositors (TNPID) court in Chennai. After filing of the chargesheet, the couple had been let out on bail.  “The trial was pending and they repeatedly failed to appear in the court. Subsequently, the court issued a non-bailable warrant against them. Our team traced them in Salem and arrested them,” said a police officer.

The couple was remanded by the TNPID court for judicial custody till October 7.

Stay up to date on all the latest Tamil Nadu news with The New Indian Express App. Download now

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