NEW DELHI, Aug 14 � Wanted in a case of massive cheating running into hundreds of crores of rupees, three absconding directors of M/s Paazee Group of Companies, Tirupur were found hiding in Guwahati. All the three were arrested by the Central Bureau of Investigation (CBI) in Assam, on Thursday.
The absconding directors identified as managing director, K. Mohanraj and directors K. Kathiravan and Kamalavalli were on the run for nearly a year, before the law caught up with them, CBI sources said.
Sustained efforts by the CBI led them to the accused, who were in hiding in the North Eastern States. K. Mohanraj was traced to a hotel room in Guwahati and was arrested. The other two accused K. Kathiravan and Kamalavalli, who were traced to a resort near Cherrapunjee were summoned and after interrogation, arrested in Guwahati, sources added.
The accused were found to be in possession of a number of incriminating documents, one computer, two laptops, a good number of data cards, 21 cell phones, and many SIM cards of all service providers and a good number of credit and debit cards of various banks.� All the accused are being produced before the Special Judge for TANPID cases in Coimbatore.
M/s Paazee Group of Companies had in 2008�2009 collected around Rs 1600 crore from 48,000 depositors promising hundred per cent return on investments within 90 days to a year. The Central Crime Branch (CCB), Tirupur registered a case in 2009 against M/s Paazee Group of Companies for having cheated the public to the tune of several hundred crores of rupees.� All accused absconded before surfacing at the Madras High Court of Madras, which granted them anticipatory bail on their promise of settlement.
However, Madras High Court subsequently cancelled their anticipatory bail and on September 21 last year, the Supreme Court also upheld the cancellation of the bail. Since then the fraudulent trio were on the run evading repayment to the depositors and due process of law.� Following a petition by a few depositors Madras High Court transferred the probe to CBI in June.