The Crime Branch (CB) on Friday submitted before the Kerala High Court that it has ruled out the role of two LDF ministers’ sons in the Total 4 U financial fraud case. The High Court directed the Crime Branch to submit the case diary.
The Crime Branch made the submission on a petition filed by Total 4 U, Nest and iNest Investors’ Welfare Association seeking a CBI probe in the case.
The petitioners alleged that the investigation would not be fair and impartial since two former ministers’ sons were involved in the case. The court directed the Crime Branch to file a report on the present status ofthe probe within a week. The court adjourned the hearing of the case after 10 days.
According to the police, as many as 1,000 persons were cheated to the tune of Rs 200 crore from April 2007 under the banner of several financial firms floated by Sabarinath, without the permission of the Reserve Bank of India. Of the 34 cases, the police had filed chargesheet in 25 cases.
The investigation in six cases were completed and a report was submitted to the ADGP (crimes) for final approval. However, the investigation in three other crimes is yet to be completed.
According to the police, a firm Nest Investment Solutions was initially floated by Sabarinath as managing partner and his father Rajan as partner. Later, other firms iNEST, Total Solutions (Total 4U) and SJR Group were also launched.
The accused had subsequently entered into a conspiracy with the other accused in the case and had collected huge deposits from individuals. He had also fabricated a fixed deposit certificate of Rs 50 crore at Centurion Bank and used it to mislead the depositors.
The Thiruvananthapuram Medical College police had initially started the probe in August 2008 and the investigation was later transferred to the Crime Branch. The court had asked the Crime Branch to file a statement on the arrest of Sabarinath.
However, the Crime Branch said that earnest steps have been taken to arrest Sabarinath.
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