CBI probe demanded into Kerala swindling case

September 23rd, 2008 - 7:49 pm ICT by IANS  

Thiruvananthapuram, Sep 23 (IANS) P.C. George, a senior Kerala lawmaker, Tuesday accused the Communist Party of India-Marxist of shielding people who allegedly swindled investors here to the tune of Rs.5 billion. Addressing reporters here, George demanded the Central Bureau of Investigation should probe the case involving the key accused, 20-year-old Sabarinath.

The mastermind swindler, Sabarinath, closed down his share broking cum financial institution last month allegedly after cheating about 3,000 investors. He was arrested earlier this month.

George alleged that top politicians including a CPI-M legislator was shielding the “real culprits” in this case.

“It is now three weeks since Sabarinath and a few women have been arrested, but the real culprits are still walking free. The police will not be able to bring out the truth because of the involvement of top politicians and children of two ministers.”

“The CBI should be entrusted with the investigation,” demanded George, the chief of the Kerala Congress-Secular, which pulled out from the ruling Left government.

The police have also arrested Sabarinath’s father, his manager Bindu Mahesh, a bank official Hemalatha and Airport Shyam. Shyam is the brother of Airport Sajan, a CPI-M leader.

Among absconding accused include Chandramathy, an official of the state-owned Sidco. Hemalatha’s daughter, who is an air hostess with Air India, is also on the run.

Sabarinath, who studied up to Class 12, fell out with his parents when they refused to give him money to start his business. He began as a financial consultant with a life insurance company and 18 months ago launched his firm Total4U.

He used to offer Rs.160,000 on an investment of Rs.100,000 for three months.

Sabarinath had a lavish lifestyle and owned many luxury cars. He even opened a recording studio in a prominent hotel at Kochi in July. The police have also seized more than a dozen luxury cars including a brand new BMW that Sabarinath had gifted to his girlfriend.

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