TIRUPUR: One of the directors of the Paazee Forex Trading Firm, Mohanraj, who was recently picked up from Guwahati for his alleged involvement in the biggest ever financial fraud originating from western Tamil Nadu, was questioned at his house and the company office here on Wednesday.Brought by CBI sleuths from Coimbatore to his house in Pappa Nagar here on Wednesday morning, Mohanraj was grilled for several hours over his alleged involvement in duping 48,000 depositors from 12 states of `1,600 crore. He was later taken to the finance firm’s office on Avinashi Road, where he faced another interrogation. He was taken back to Coimbatore in the evening.Two other directors of Paazee — K Kathiravan and Kamalavalli – were recently arrested at a resort in Cherapunji in Meghalaya.Kathiravan began his career as a newspaper agent for a leading Tamil daily in Tirupur three decades ago. He soon climbed up the ladder and became a reporter with the same newspaper. Twenty five years down the line, he was respected as a senior reporter in Tirupur.Kathiravan’s colleague said, “He was simple and did not interact much with others. No one could have suspected his involvement in the scam. He did not even lead a lavish lifestyle and lived in a small house.”Sources said Kathiravan’s son, Mohanraj, was the brain behind the scam and used his father’s contacts and influence to develop his business. “He is a school dropout and was involved in financial issues. He escaped from many such petty disputes because of his father’s influence,” they added.Police sources said Mohanraj ran a computer accessories store and a case had been registered against him after a cheque for a business transaction bounced. “In 1995, he was arrested in Chennai for producing duplicate school certificates and he also ran a small chit fund business in Tirupur,” they revealed.He later met Kamalavalli of Chennai, who is well-versed in online trading. She was soon made a director in Paazee.The Paazee group then collected huge sums from depositors, promising to invest the money in forex trade and deliver quick, high returns. But it soon came to light that the company was floated for fraudulent activity.
Comments
0 comment