01.01.2014 to Now

22.11.2014
The Times of India



Paazee kingpin gets bail to bring back Rs 100 crore parked in Singapore
CHENNAI: The Rs 1,000-crore Paazee forex trade scam, involving nearly 53,000 depositors, is set to see some progress with the Madras high court on Thursday granting bail to main accused K Mohanraj, so that he cab accompany a CBI officer to Singapore and bring back nearly Rs 100 crore lying in two bank accounts there. The court also framed a scheme to repay depositors who lost their money and appointed a committee to oversee the process.

Paazee bubble burst in 2008-09 as its promoters -- Mohanraj, his father and wife -- could not return nearly Rs 900 crore to its 52,893 depositors. It had promised fancy interest rates to depositors, saying their money would be invested in foreign currency portfolio. While several immovable properties of the company were attached, the cash deposit of Rs 90 crore lying in Singapore could not be repatriated, since HSBC and Royal Bank of Scotland (originally ABN Amro Bank) insisted that Mohanraj must give appropriate instructions personally. With interest, the deposit has now crossed Rs 100 crore, counsel for investors Maheshwari told TOI.

Mohanraj filed a bail petition, and several depositors and their associations joined as interveners. While Mohanraj said he would cooperate with the CBI to bring back the money from his foreign bank accounts, the central agency said he might flee justice if granted bail.
On Thursday, Justice G M Akbar Ali granted conditional bail to Mohanraj for six months and said he should accompany CBI's additional superintendent of police S B Sankar to Singapore for two weeks and help bring the money to India. He named retired district judge M Thangaraju as a one-man committee to oversee repayment to depositors.

The judge asked the Indian high commission in Singapore to extend all necessary support to the CBI, and said Mohanraj's passport should be revalidated in such a way that it should be valid for travel only to Singapore. During the entire period of stay in Singapore, Mohanraj will be under the custody of the CBI officer.

The judge also asked the Coimbatore district revenue officer to take steps to auction Paazee's properties attached by the court, and complete the process within three months. Laying down a repayment scheme for the benefit of depositors, Justice Akbar Ali said the one-man committee must scrutinize the original deposit receipts of claimants and start repaying money to investors.

The judge said first priority should be given to members of the depositors' association which had filed the intervener petition in the HC. Deposited amount along with an annual interest of 10%, and not the amount promised by Paazee, should be given to investors, he said. Among investors, those who have not received any repayment should get priority over those who had received a portion of their deposits as repayment, he said.

The committee shall fix a 30-day deadline to receive claims, he said, adding that the inquiry process and preparation of final list of eligible claimants should be completed in three months, Justice Ali said. After the end of six-month period, Mohanraj should surrender before the special court in Coimbatore.
________________________________
22.11.2014

Bail for Paazee MD to Bring Back Stash

CHENNAI: The  managing director of Paazee Forex Trading India Private Limited in Tirupur, K Mohanraj, who had cheated thousands of investors of crores of rupees of their investments, was granted interim bail by the Madras High Court to retrieve depositors’ money stashed in HSBC and Royal Bank of Scotland (erstwhile ABN AMRO bank) in Singapore. Justice GM Akbar Ali (since retired) granted the relief while passing orders on the bail application of Mohanraj, on Friday.

The judge noted that despite the attempts made by the Indian High Commission, other Indian authorities and the Attorney General of Singapore, the banks in Singapore were not retransmitting the amount, which belongs to the public in India and under attachment/confiscation by a competent court in India.

“Therefore, this court is of the view that unless the petitioner, who is an undertrial prisoner, visits Singapore under the custody of an authorised officer of the CBI, the matter will not be proceeded further for the effective repatriation of the amount. Therefore, it has become necessary to grant the temporary conditional bail for six months,” the judge said and added that Mohanraj shall execute a personal bond `Rs 50 lakh with two sureties each for a like sum to the satisfaction of the Special Court for TN Protection of Interest of Depositors Act cases at Coimbatore. Under the custody of SB Sankar, Additional Superintendent of Police, CBI, Economic Offences Wing, who is appointed as the Nodal Officer by the High Court, Mohanraj should go to Singapore after obtaining necessary travel papers and  visa. The entire expenses shall be borne by Mohanraj.

The Union Ministry of External Affairs and the High Commission of India in Singapore shall extend all support to the duo. To empower the Nodal Officer, the Special Court in Coimbatore should also issue a warrant to arrest Mohanraj at any time, if he attempts to escape.

Mohanraj should extend all cooperation for repatriation of the money.  Since the amount involved in the case was attached by the competent court in India, the banks in Singapore should transmit the said amount to the account of the competent authority viz the District Revenue Officer, Coimbatore, under the provisions of TANPID  Act. After expiry of the interim bail of six months, Mohanraj shall surrender before the special court, which should remand him to judicial custody, the judge added.

The judge also appointed a one-man commission headed by M Thangaraju, retired district judge, Coimbatore, to finalise the list of genuine depositors and their quantum of claim. Mohanraj shall provide all assistance, including office and staff and remuneration to them. The committee shall take into account the deposited amount alone and not the promised one. An interest at 10 per cent for three years shall be calculated for any deposit and the amount due shall be arrived at. Depositors who have not received anything shall be given first preference. The final list shall be forwarded to the Special Court, which shall verify the same and after satisfying itself, forward the same to the competent authority - the Coimbatore DRO - who shall distribute the assets without any delay. The committee shall fix a deadline of 30 days to receive the claims and finalise the list within three months thereafter.

_______________________________________________________________________________

22.11.2014
 

_________________________
 
http://video.puthiyathalaimurai.tv/vod-events/archives/5oclock/2014/11/5PM-20141121SEG2/ 

 _________________________________

பாசி நிதி நிறுவன வழக்கு: சென்னை உயர்நீதிமன்றம் உத்தரவு

பதிவு செய்த நாள் - நவம்பர் 21, 2014, 4:38:00 PM

மாற்றம் செய்த நாள் - நவம்பர் 21, 2014, 4:38:00 PM

பாசி நிதி நிறுவன மோசடியால் பாதிக்கப்பட்ட 45,000 பேருக்கு பணம் வழங்க வேண்டும் என முதலீட்டாளர்கள் நலச்சங்கம் தொடர்ந்த வழக்கில் சென்னை உயர்நீதிமன்றம் உத்தரவிட்டுள்ளது. மாவட்ட நீதிபதி தலைமையில் கமிட்டி அமைத்து பணம் வழங்க வேண்டும் என உயர்நீதிமன்ற நீதிபதி தெரிவித்தார். திருப்பூரில் ரூ 1,600 கோடி வரை பாசி நிறுவனம் மோசடி செய்ததாக முதலீட்டாளர்கள் வழக்கு தொடர்ந்திருந்தனர்.

___________

Dinamalar

பாசி நிறுவன வழக்கில் அதிரடி தீர்ப்பு

21.11.2014, சென்னை : பாசி நிதி நிறுவன மோசடி வழக்கில் ஏமாந்தவர்களுக்கு 9 சதவீதம் வட்டியுடன் பணத்தை திருப்பித்தர வேண்டும் என சென்னை ஐகோர்ட் தீர்ப்பளித்துள்ளது. 2 மாதத்தில் பணத்தை திருப்பித் தரவும் உத்தரவிடப்பட்டுள்ளது.

_______________________________________________________________________

மோகன் ராஜின் கடிதம்
http://paazeegroups.com/