A special Coimbatore court on Friday sentenced two directors of Paazee Forex Trading to 27 years of rigorous imprisonment in a Rs 870 crore forex trading scam.
Two directors of the Paazee Forex Trading India Private Limited were sentences to 27 years of rigorous imprisonment in connection with a forex trading scam. (Photo: Representational)
A Tamil Nadu Protection of Interest of Depositors (TNPID) court in Coimbatore sentenced two directors of Paazee Forex Trading to 27 years of rigorous imprisonment with a fine of Rs 42.76 crore on each of them.
The court also imposed a fine of Rs 28.74 crore each on three private firms – Paazee Forex Trading India Pvt Ltd, Paazee Trading Inc. and Paazee Marketing Co. This is one of the rarest convictions in a case related to cheating public depositors of approximately Rs 870.1 crore. The total fine imposed amounts to Rs 171.74 crore.
WHAT IS THE CASE?
The Central Bureau of Investigation (CBI) registered a case on June 15, 2011 on the orders of the Madras High Court against the accused. It was alleged that Tiruppur-based Paazee Marketing Co. run by K Mohanraj, director of the firm, and others, including other private companies, floated various schemes between July 2008 and September 2009 and cheated various depositors to the tune of Rs 870.10 crore (approx.) by collecting deposits from them on the false promise of high returns.
ALSO READ | Caught on camera, Chinese construction work in Arunachal Pradesh
It was further alleged that the…
