Kasargod: Fraudulent company cheats several of crores of rupees; one arrested

Kasargod: Fraudulent company cheats several of crores of rupees; one arrested

Mangalore Today News Network

Kasargod, Jul 18, 2013: Kasargod police have arrested one person  in connection with a fraud case wherein the Global Trading Solution company based in the town has cheated  hundreds of people in the state to the tune of Rs 400 crores. It is learnt, the company  had promised investors double returns on their deposits.

The person arrested is Sajith (29) said to be the director of the company. The company  had  Sajith’s wife Khadija Nausha, Usha Kumari from Chervattur and Abdul Nasar from Ernakulam as its board of directors. The arrest followed complaint by several people in Trissur East police station. The company which had initially promised ten per cent returns on the  investment through exchange of foreign currency had later promised double returns.

It is learnt, the company had depositors in Mysore, Bangalore, Palakkad, Ernakulam and Trissur. The company  office bearers were not at sight ever since they collected deposit receipts from depositors at a meeting convened in a school at Kasargod on December 1, 2011.

Investigations have revealed that the company has been merged with a Dubai based company and the investors’ money also transferred.

The other office bearers have reportedly fled the nation. It is learnt they are facing over 100 cases of fraud in  various police stations.