CHENNAI: The Madras High Court dismissed the bail petition of Soosairaj, one of the arrested accused in the Aarudhra gold scam case.
Justice TV Thamilselvi heard the bail petition preferred by Soosairaj.
The petitioner submitted that he is in no way connected with the scam and said that he was also a victim who invested all his life savings in Aarudhra.
Additional public prosecutor R Muniyapparaj objected to the bail petition and submitted that the petitioner was one of the directors of the Aarudhra and cheated the investor's money to the tune of Rs. 10 crore. The petitioner may tamper with the evidence if granted bail and the investigation is not completed, he added.
After the submission, the judge dismissed the bail petition.
The Economic Offenses Wing (EOW) had registered a case against the directors of the Aarudhra gold trading firm, through which the persons involved had cheated more than one lakh depositors and swindled about Rs 2,438 crores, promising huge interest on their investments.
The EOW has arrested 23 accused, including Soosairaj, as he was the director of Aarudhra for the Trichy unit.