CBI Arrests Ponzi Firm Promoter After His Deportation From Saudi Arabia
NDTV
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.
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. Mr 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.
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