Tiruppur: In the case of 930 crore rupees fraud by Paazee Forex Trading Finance Company from more than 52 thousand people, the court has sentenced two persons to 27 years imprisonment and fined 171 crore rupees.
The Coimbatore Investor Welfare Protection Law Court has handed down a swift verdict in the Tiruppur Paazee Forex Trading Finance Company fraud case, sentencing both the company’s directors to 27 years in prison and a fine of 171 crore rupees.
Paazee Forex Trading Trading was an online financial company based in Tiruppur in 2011. A large number of investors invested money believing that this company offered high interest rates. But a case was registered for defrauding the public of 930 crore rupees without paying interest properly. In this regard, the CBI police arrested the company’s director Mohanraj, his father Katiravan and partner Kamalavalli. This case, in which many people were cheated in Tamil Nadu, shook Tamil Nadu at that time.
A case was pending in the Tamil Nadu Special Court for Protection of Investors’ Interest (DANBIT) in Coimbatore regarding this scam. The final charge sheet was filed in 2013. After 9 years of testimony, both the state and the opposing side’s testimony, the bipartisan argument came to an end. Meanwhile, the owners of the company petitioned the court to give them time to return the money to the investors of M/s. Paazee Forex Trading India Pvt. Ltd., M/s. Paazee Trading Inc. and M/s. Paazee Marketing Co.
In this case, Judge Ravi gave a verdict in the Paazee Forex Trading Finance Company fraud case today. After Katiravan died, Mohanraj and Kamalavalli appeared in the court. The judge declared the company’s owner Mohanraj and partner Kamalavalli guilty.
Mohanraj then told the judge that he would return the money to the investors within a year with interest. Judge Ravi refused to accept it and sentenced both of them to 27 years imprisonment and a fine of 171 crore 74 lakh 50 thousand rupees. And the judge ordered to give this money to 1402 people who filed the case. The judge condemned the CBI police for not properly investigating the Paazee Forex Finance Company case and ordered action to be taken to return the money to more than 52,000 victims.
Govindaraj, who was victimized by the company, gave an interview to the media about this. Speaking then, he said, “I invested 8.7 crore rupees believing that it would give high interest. But the money was not returned properly. Together with the victims, we started a welfare association and conducted the case. The case was not properly investigated by the CBI. The CBI is responsible for the delay in the trial. “I am happy with the verdict given by the judge today,” he said.