CBI books Madurai firm for cheating TN investors of Rs 1,500 crore

The agency registered an FIR against Madurai-based Parivar Dairies And Allied Limited and its promoters Basant Lal Sharma, Rakesh Singh Narwaria, Ahibaran Singh, Chandra Bhan Yadav, Neeraj Singh, Banu Pratap Singh, all residents of Gwalior.

Besides them, Alwar resident Pradeep Kumar Sharma and Madurai-based Dheivam were also booked under IPC sections related to criminal conspiracy, criminal breach of trust and cheating, an official said. The action of the CBI came on the directions of Madurai bench of the Madras High Court which asked the agency to take over the investigation, considering interstate ramifications of the case. 

It was alleged in the petition that the company had lured over 1.5 lakh investors collecting over Rs 1,500 crore. The accused kept coming to Madurai to lure depositors through various investment meetings and collected several crores of rupees from the people and did not redeem their deposits from 2014 and closed down in October 2015 leaving the investors in the lurch. 

A similar case against the company was also brought before Madhya Pradesh High Court which had handed over the investigation of the case to the CBI, the court noted. It noted that the accused belonged to North India and they had not only cheated investors in Tamil Nadu but also in other states. The bench said it reposed its confidence in the CBI to immediately take up the investigation and bring the accused to book besides recovering the amount to be distributed to the depositors.