COIMBATORE: A special court for Tamil Nadu Protection of Interests of Depositors (TNPID) Act cases in Coimbatore on Friday sentenced two directors of Paazee Forex Trading (India) Private Ltd to 27 years of jail and slapped a fine of Rs 171.54 crore on them for cheating thousands of investors of nearly Rs 1,000 crore. Judge AS Ravi in his ruling said the fine amount shall be handed over to a competent authority to be distributed to all depositors proportionately as compensation.
Faulting the CBI for filing a final report in which it said Rs 930.71 crore was collected from 58,571 depositors — without examining all the depositors and recording their statements, the court directed the agency to give the complete list of depositors and total due to the accused and produce it before the court within a month.
According to the CBI charge sheet, K Kathiravan, his son K Mohanraj and Kamalavalli Arumugam of Tirupur district had jointly floated two partnership firms Paazee Trading Inc and Paazee Marketing Company and incorporated Paazee Forex Trading India Private Ltd.
Probe in event of more plaints in scam, CBI told
The accused had also operated a website www.paazeemarketing.com and had allegedly mobilised deposits and investments promising to deploy them in forex trading and had assured investors of high dividends within a short period of time.
In 2009, people who had invested funds in these firms filed police complaints…
