New Delhi:
A court in Coimbatore in Tamil Nadu on Friday sentenced two directors of Paazee Marketing Company to 27 years in prison and fined Rs 171.74 crore in a case related to defrauding public savers amounting to Rs 870.1 crore.
The CBI said in the press statement that the court had sentenced K Mohanraj and Kamalavalli, both directors of private companies, to twenty-seven years of harsh imprisonment (consecutive for all sections) with a fine of Rs 42.76 crore each and a fine of Rs 28, 74 had imposed. crore each on three private companies… Paazee Forex Trading India Private Limited, Paazee Trading Inc. and Paazee Marketing Company.
The agency said the case was one of the rarest convictions involving defrauding the public depositors amounting to Rs 870.10 crore (approximately). The total fine imposed is Rs.171.74 crore.
On June 15, 2011, CBI registered a case by order of the Supreme Court of Madras against the accused.
It was alleged that Paazee Marketing Company, Tiruppur, run by K Mohanraj, director and others, including other private companies, launched various schemes between July 2008 and September 2009 and defrauded various depositors in the amount of Rs 870.10 crore (approximately ) by taking deposits from them on the false promise of high returns, the statement said.
It was further alleged that the accused, including directors of the companies, fraudulently mobilized deposits and investments through the website www.paazeemarketing.com that falsely promised that the same would be used by the public in the Forex Trading business.
The suspect has furthermore promised that an enormous dividend/interest will be paid out on the deposits thus collected.
The accused has issued later-dated checks with several banks where the accused opened accounts in the name of Paazee Forex Trading India Private Limited, Paazee Trading Inc. and Paazee Marketing Company.
After a thorough investigation, an official report was drawn up against the suspect on 7 October 2011.
The Trial Court found two defendants and three companies guilty and convicted them.
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