Madurai

Madurai Bench of Madras HC grants bail in financial fraud case

A view of Madurai Bench of Madras High Court, in Madurai. File   | Photo Credit: ASHOK R

The Madurai Bench of the Madras High Court on Wednesday granted bail to an accused in the financial fraud case involving ‘Helicopter Brothers’ M.R. Ganesh and M.R. Swaminathan of Kumbakonam in Thanjavur district.

Justice B. Pugalendhi granted bail to S. Venkatesan of Kumbakonam, a priest who was said to have been involved in canvassing for investments in the company owned by the brothers. Earlier, the court had granted him bail in a connected case.

The court was told that the Economic Offences Wing (EOW) would probe the financial fraud case. There were more than 41 complaints against the main accused who had invested the money abroad, particularly in Malaysia.

The ‘Helicopter Brothers’ were accused of cheating the residents of Kumbakonam to the tune of several crores of rupees. They had claimed that they were into diversified businesses that included helicopter service, dairy farms, gold investments and financial companies.

They were arrested based on a complaint lodged by the investors and remanded in judicial custody. The investigation in the case was transferred to the Economic Offences Wing in order to ascertain the total extent of the financial fraud committed by them. Earlier, the court denied bail to Akilandam, another accused in the case.


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Printable version | Oct 20, 2021 2:45:40 AM | https://www.thehindu.com/news/cities/Madurai/hc-grants-bail-in-financial-fraud-case/article36614374.ece

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