TN Court’s Rare Conviction in Rs 870-Crore Paazee Forex Scam

Final Up to date: August 26, 2022, 22:24 IST

The sentences of the 2 administrators will run consecutively. (Picture: News18)

The Central Bureau of Investigation (CBI) had registered a case on June 15, 2011 on the orders of the Madras Excessive Court docket towards the accused

In a uncommon conviction, a trial court docket in Tamil Nadu’s Coimbatore on Friday sentenced two administrators of Paazee foreign exchange corporations — Okay Mohanraj and Kamalavalli — to rigorous imprisonment for 27 years with a collective tremendous of Rs 171.74 crore for dishonest public depositors to the tune of Rs 870.10 crore.

The court docket has imposed a tremendous of Rs. 42.76 crore every on the administrators and a tremendous of Rs 28.74 crore every on three personal corporations — M/s. Paazee Foreign exchange Buying and selling India Pvt Ltd, M/s. Paazee Buying and selling Inc. and M/s. Paazee Advertising Co.

The Central Bureau of Investigation (CBI) had registered a case on June 15, 2011 on the orders of the Madras Excessive Court docket towards the accused.

It was alleged that M/s. Paazee Advertising Co., Tiruppur, run by Okay Mohanraj, and others, together with different personal firms, floated numerous schemes between July 2008 and September 2009 and cheated numerous depositors by accumulating deposits from them on the false promise of excessive returns.

Aside from default sentences, they’ve been given seven years RI below part 120B r/w 420 of the Indian Penal Code (IPC), seven years RI below part 420 of the IPC, three years RI below part 4 of the Prize Chits & Cash Circulation Schemes (Banning) Act and 10 years of Part 5 of the TNPID Act.

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