A special police team that probed the multi-crore Tycoon money chain fraud case filed a charge sheet before the Chief Judicial Magistrate’s Court here on Tuesday.
P.P. Sadanandan, Deputy Superintendent of Police, Crime Detachment, Vadakara, submitted the 1,000-page charge sheet against 50 persons, including directors and promoters of Chennai-based Tycoon Empire International Private Limited, for duping money from hundreds of depositors in the State.
The charge sheet has been filed against Tycoon Empire International Private Limited and its five allied companies Tycoon Empire MLM Pvt. Ltd, Tycoon Empire Portfolio Management MLM Pvt. Ltd, Tycoon Empire Infrastructure Development Pvt. Ltd, Tycoon Empire Retail Mall Services Pvt. Ltd, and Tycoon Empire Financial Services Pvt. Ltd.
The directors mentioned in the charge sheet were Kamala Kannan, Sadasivam, Bhoopathi Manoharan, Kripakaran, Pintaseth, Narayanan, Sreeram, Pratheesh, and Narayana Narasimhalu. Of the 10 directors arrested, four are still in remand custody in the jail. Promoters in various districts have also been arraigned as accused in the case. The case was first registered at the Payyoli police station in May 2011.
Investigators said the charge-sheet filed now related only to the cases registered in Kozhikode district. The total fraud would come to Rs.77 lakh. The amount swindld from depositors across the country would come to Rs.234 crore. Documentary proof revealed that the accused had purchased 135 acres of land in Ooty, Coonoor, and Palladam.
The company, formed in 2009, had offered a scheme to investors in Kozhikode, Kannur, Malappuram, Palakkad, and Thrissur, promising them 10,000 a month for three years on a deposit of Rs.1 lakh. It enrolled hundreds as commission agents, offering them huge returns. However, the investors failed to receive the promised amount after a few months.
