HYDERABAD: Eleven years after a Chennai-based businessman was accused of involvement in a cheating case, a special execution team of Hyderabad police arrested him in Chennai. The accused, identified as Sambasivaiyer Swaminathan, was named as accused No. 55 in an economic offences case from 2013.
Over a decade ago, the owners of Ravi Kumar Distilleries Ltd here in Hyderabad lodged a complaint that certain individuals had posed as managers for Initial Public Offering (IPO) promising to help the company in IPO, but had ended up swindling the company’s funds to the tune of Rs 29 crore.
The alleged fraudsters were accused of criminal breach of trust, cheating and fabrication of documents. A non-bailable warrant was issued against the accused. However, ever since the case was lodged, Swaminathan evaded the police.