NEW DELHI: The Central Bureau of Investigation (CBI) has arrested an Economic Offender in Delhi who was deported from Riyadh. According to a senior official, Sudeer Muhammed Cheriya Vannarakkal was involved in five cases registered by CBI at Chennai. CBI had got issued a Red Notice through INTERPOL against Vannarakkal.
Vannarakkal was located in Saudi Arabia and with his close aide and coordination with the authorities in Saudi Arabia through INTERPOL channels, he was deported back to India. He was arrested after he landed in India and was produced before the Competent Court at Ernakulam (Kerala) on Sunday.
CBI had registered five cases on the Orders of Kerala High Court and taken over the investigation of the cases, earlier registered at Police Station Kasargod (Kerala).
In four cases, it was alleged that the accused and others floated a private company based at Kasargod (Kerala), made false promises and representations to the public at large with the assurance to return of investment at an exorbitant rate of interest after 61 days of their investments and also promised to pay a commission of 2% p.m. to the agents who had mobilized the investments for the said company.
During the investigation, it was found that in 2009 – 11, all the accused including Vannarakkal, seven private persons and one company had entered into conspiracy at Kasargod and other places, floated a fraudulent scheme called Forex trade (trading with foreign currencies), promised a monthly return of 7% on principal to the depositors and 2% to the agents for mobilizing the depositors, collected huge deposits in cash to the tune of around Rs.9.93 cr from depositors and cheated them by not repaying the assured returns as well as the principal amount, thereby caused huge loss to the depositors.
After investigation, a chargesheet was filed in the Court of Chief Judicial Magistrate, Ernakulam. The accused were declared as Proclaimed Offenders by the Court.
The fifth case was registered on the allegations that the accused induced the petitioner/Complainant to arrange Rs 50 Lakh as deposit and promised to give monthly returns arising out of his Business to the depositors. The complainant allegedly invested 19 lakh in the year 2011 in the said company and the accused did not pay returns as well as the principal amount to the complainant.
It was found during investigation that during 2009-11, all accused including said arrested one and private company (all Private Persons) hatched a conspiracy at Kasargod and other places, floated a fraudulent scheme called Forex trade (trading with foreign currencies), promised a monthly return of 7% on principal to the depositors, collected huge deposits from depositors and cheated them by not repaying the assured amount as well as the principal amount, thereby caused loss to the depositors. After investigation, chargesheet was filed in the Court of Chief Judicial Magistrate, Ernakulam.