Following the arrest of A.P. Prakasan, founder and CEO of a Chennai-based commodity trading company, on complaints of financial fraudulence, the police here have begun a probe as many people in his native place here are believed to have invested in commodity shares through his company. A.P. Prakasan, hailing from Blathur near Irikkur under the Iritty police sub-division, was arrested by the Chennai police on charges of fraudulence involving Rs.80 crore. The Tamil Nadu Crime Branch is investigating the case and a team of investigating officers are expected to visit here as part of the investigation.
According to the police sources here, Prakasan is learnt to have mobilised investments from nearly 50 people in his native place in commodity shares through A.P. Prakasan Associates in Chennai which he had founded. They said all those who had invested in the commodity shares had been issued share certificates.
Investigation was under way to find out whether the certificates were genuine or forged, the police said. Prakasan, who began his career as a chartered accountant, started the business with his sister. The police here said that they received no complaint from any person here against Prakasan.
Probe was on to find out whether the certificates were genuine or forged.