Company had cheated more than 50,000 depositors of over Rs800 crore
Madras high court has directed the district revenue officer, Coimbatore, to take immediate steps to auction the attached properties of Paazee Forex Trading India Pvt
Chennai: The Madras high court has directed the district revenue officer, Coimbatore, to take immediate steps to auction the attached properties of Paazee Forex Trading India Pvt. Ltd., which cheated more than 50,000 depositors of over Rs800 crore, realise the amount and distribute this to the depositors as per the list to be finalised by the one-man committee appointed by the court.
Since the banks in Singapore demand that their customer who had deposited the amount give appropriate instructions personally, Justice G.M. Akbar Ali granted interim bail for six months to K.Mohanraj, managing director of the company, to visit Singapore in the custody of S.B. Sankar, an authorised officer of the CBI, for repatriation of Rs90 crore deposited in Singapore banks. “Since these amounts were attached by the competent court in India, the banks in Singapore are directed to transmit the said amounts to the account of the district revenue officer (DRO), Coimbatore,” the judge added.
The prosecution case was that Mohanraj along with his father Kathiravan and his wife, floated the company and collected Rs496 crore from 52,893 depositors in 2009 on the promise of repaying Rs1,210 crore. He re-paid only Rs340 crore and cheated depositors of Rs870 crore. Mohanraj was arrested on August 11, 2011.
In his order, Justice Akbar Ali appointed M. Thangaraj, retired district judge, as the one man committee to identify genuine depositors and their quantum of claim. The committee shall prepare a list of depositors who have not received any amount; depositors who have received some amount so far yet make a claim for the deposit; and depositors who have received amounts exceeding deposits but still make a claim for the deposit.
The deposited amount alone will be taken into consideration and not the promised amount. An interest at 10 per cent for three years shall be calculated for any deposit and the amount due shall be arrived at. He shall forward the final list to the special court in Coimbatore, which, after verification, will forward it to the DRO, who shall distribute the assets without any delay, the judge added.
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