The Hindu : Tamil Nadu News : Paazee scam: three new cases registered

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Thursday, Apr 15, 2010
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Tamil Nadu

Tamil Nadu

Paazee scam: three new cases registered

Staff Reporter

Tirupur: The Central Crime Branch (CCB) has registered three fresh cases of cheating against the proprietors of Paazee Marketing Company, a Tirupur-based forex trading company, for allegedly defrauding its investors by issuing dishonoured cheques to the tune of Rs. 56.45 lakh.

Police officials said the cases were filed based on the complaints from J. Saravanan of Madurai district, B. Sampath of Kanyakumari district and R. Murugaboopathi of Virudhunagar district after the cheques issued by the company to them returning their deposits bounced owing to shortage of amount in the bank accounts of the firm.

The three investors obtained a court direction to get the cases registered and to take action against the company.

The charges against the accused were registered under Sections 3 and 4 of Prize and Money Circulation Scheme Banning Act and Section 420 (cheating) of Indian Penal Code.

A large number of aggrieved investors too were reportedly lining up to obtain similar help from the court to get back their amounts deposited since the investigation agencies involved had been showing ‘soft attitude' towards the company.

It should be noted that three senior police officers who investigated into the alleged multi-crore scam committed by Paazee Marketing Company, run by three directors which include a reporter of a leading Tamil Daily, were placed under suspension in March on the charges of corruption committed during the course of investigation.

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