The TNPID Court, Coimbatore (Tamil Nadu) has today sentenced Shri K. Mohanraj & Smt Kamalavalli (both private persons & Directors of private firms) to undergo twenty seven years Rigorous Imprisonment (consecutively for all Sections) with fine of Rs. 42.76 crore each and imposed a fine of Rs. 28.74 Crore each on three private firms i.e. M/s. Paazee Forex Trading India Pvt Ltd, M/s. Paazee Trading Inc.& M/s. Paazee Marketing Co. in one of the rarest convictions in a case related to cheating the public depositors to the tune of Rs. 870.10 crore (approx.). The total fine imposed amounts to Rs.171.74 crore.
CBI had registered a case on 15.06.2011 on the orders of the Hon’ble High Court of Madras against the accused. It was alleged that M/s. Paazee Marketing Co., Tiruppur run by Shri K. Mohanraj, Director & others including other private companies floated various schemes between July 2008 & September 2009 and cheated various depositors to the tune of Rs. 870.10 crore (approx.) by collecting deposits from them on the false promise of high returns.
It was further alleged that the accused including Directors of the companies through the website www.paazeemarketing.com fraudulently mobilized deposits & investments dishonestly promising that the same made by the public would be used in Forex Trading business. The accused further promised that huge dividend/interest would be paid in very short duration on the deposits so collected. The accused issued post-dated cheques drawn on various Banks where the accused opened accounts in the names of M/s. Paazee Forex Trading India Pvt. Ltd., M/s. Paazee Trading Inc. and M/s. Paazee Marketing Co.
After thorough investigation, a charge-sheet was filed on 07.10.2011 against the accused. The Trial Court found two accused & three companies guilty and convicted them.
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