The Madras High Court has refused to quash a first information report booked against the promoter and employees of an Indian company that had been allegedly obtaining foreign investments by producing fake performance reports and then refusing to repay the investors on some pretext or the other.
Justice P.N. Prakash dismissed a petition filed by Rohith Rabindranath and his son Maanik Naath of Zynergy Solar Projects on the ground that there were enough materials for the Central Crime Branch (CCB) police to proceed with the investigation against the petitioners on the charge of having cheated Singapore-based Cascade Energy.
According to the complainant company, it had entered into a Strategic Investment Agreement and Shareholders Agreement with Zynergy on July 27, 2015 and invested about ₹ 33 crore. However, when it did not receive any return for the investments for nearly two years, it began making enquiries with regard to the operations of Zynergy.
Cascade Energy was shocked to learn that the money invested by it had been siphoned off through 40 shell companies floated by Rabindranath in the names of his employees.
Opposing the plea for quashing the FIR, senior counsel S. Prabhakaran, representing Cascade, listed many other instances in which Zynergy had cheated other foreign investors too.
