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Defrauded investors to meet Chief Minister

R. Vimal Kumar


Madras High Court had asked the CBI Director to entrust a competent officer with probe

CBI to begin investigation within a few days


Tirupur: Defrauded investors in Paazee Marketing and Pazzee Forex Trading companies, on whose petition Madras High Court recently ordered a CBI inquiry into the alleged cheating, are to meet Chief Minister Jayalalithaa prior to CBI commencing its investigation in the case in the next few days.

In the meeting with the Chief Minister, the swindled investors would be seeking the assistance of the State machinery to arrest the agents deployed by the company to physically collect the money from customers at the earliest, which would be helpful for CBI investigation.

Police sources told The Hindu that CBI team would commence its investigation in the case within the next few days as it had obtained the court order.

The High Court had directed the CBI director to entrust the investigation to a competent officer.

The High Court order, pronounced by Justice C.T. Selvam on April 29, came on the petition moved by Paazee Nidhi Niruvanathal Bathikkapattore Nala Sangham, a welfare association comprising thousands of affected persons, and Loganathan of Namakkal district, which stated that the two companies lured the public to deposit their money by promising high returns only to cheat the investors subsequently.

“Almost 48,000 customers invested Rs. 1,600 crore and later found themselves in a predicament as post-dated cheques issued by the companies to the investors started getting bounced,” the sangham president N. Nachimuthu told The Hindu.

The two companies were run by K. Kathiravan, who worked as a reporter of a leading Tamil dailyin Tirupur for many decades, his son, K. Mohanraj, and Kamalavalli.

The investors approached the court only because they felt that officials of the Central Crime Branch and Economic Offences Wing had been colluding with the accused.

Already, three police officers including a Deputy Superintendent of Police and two Inspectors who had investigated the case were placed under suspension following allegations of corruption during the investigation.

Police officials' role

A senior police official told The Hindu that a few more police officials too were under scanner in the case based on intelligence reports filed by various agencies.

The CBI would investigate the role of these officials in relation to the transfer policies followed while posting the two accused Inspectors into the investigation process from some other localities, among other issues, the official pointed out.

It should be noted that an Inspector General of Police had already been interrogated by CB-CID at its headquarters in April for his alleged role in safeguarding the accused company directors.

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