Search on for 20-year-old who swindled depositors of Rs.1.1 bnAugust 29th, 2008 - 3:13 pm ICT by IANS
Thiruvananthapuram, Aug 29 (IANS) The Kerala police are on the lookout for a 20-year-old man who disappeared after swindling investors to the tune of Rs.1.1 billion, the police said. “For the past few days there has been a hue and cry in the media about Sabari and now we have received a few complaints of people being cheated by him. We have begun investigating and a special squad will be appointed to probe the matter,” Senior Inspector General of Police Arun Kumar Sinha told IANS.
Sabari launched a financial services company ‘Total 4 U’ 18 months ago offering a high rate of interest to depositors.
His modus operandi was simple. On an investment of Rs.100,000 ($2,500) for three months, he would return Rs.160,000.
With this high return on investment and prompt payment over the past 17 months, Sabari won the confidence of many and his client base increased.
Sabari, who is believed to have just basic educational qualifications had a lavish life style and owned many luxury cars. A month ago he had opened a recording studio in a prominent hotel at Kochi.
But the investors sensed something amiss when they were asked to come back again when they went to Sabari’s office to collect their money.
“Following the complaints and the media report last night we have seized an eight acre plot of land near the city here where he was building cottages. We have registered a cheating case against him and we are on the lookout for him,” said Sinha.
Meanwhile, a TV channel Thursday aired an interview of Sabari where he claimed to possess assets worth Rs.400 million.
Media reports claimed that Sabari had a client base of a mere 1,200 investors who had deposited Rs.1.1 billion with his company.