The Hindu : Kerala / Thiruvananthapuram News : Cheating case against another company

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Sunday, Oct 12, 2008
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Kerala - Thiruvananthapuram

Cheating case against another company

Staff Reporter

Suspended SIDCO official named accused

Chandramathi one of the promoters of the firm
Crime Branch team conducts searches in Bangalore

Thiruvananthapuram: The city police have on its own registered a case of cheating against Safe Investment Solutions, a private finance company, which offered considerable dividends on deposits.

Circle Inspector, Fort, B. Harikumar, said the police had found that Chandramathi, suspended manager of the Small Industries Development Corporation (SIDCO), was one of the promoters of the private firm.

The Crime Branch police are already investigating Chandramathi in connection with its probe into the dealings of financial fraud suspect Sabarinath. A Crime Branch team headed by Circle Inspector Hussien on Saturday searched several premises in Bangalore for Chandramathi.

Mr. Harikumar said the police had named one Nafiz of Attingal, Praveen of Thirumala and Chandramathi as the main accused in the cheating case.

He said the police received two complaints against the firm since Friday.

One complainant told the police in a written complaint that he had handed over Rs.5 lakh to the promoters of the firm in the presence of Chandramathi a few months back.

The firm had promised that his deposit would grow from Rs.5 lakh to Rs.9 lakh in three months.

He said he found the offices of the company closed when he went to withdraw his “matured deposit.”

The police said another person also made a similar complaint. The complainant alleged that he had lost Rs.6 lakh to the firm.

The police said they searched the offices of the company in the city.

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