Judge, Ravi of Special TNPID Court pronounced the Managing director Kamalavalli and Mohanraj as guilty and awarded 27 years of rigorous imprisonment and Rs.171 crore fine.
Coimbatore: A special court here on Fridayawarded a whopping 27 years of imprisonment andRs.171.74 crore fine to Mohan Raj and Kamalavalli, the prime accused in the sensational Pazee scam case.
In the sensational case, which hit the headlines, 1402 investors were duped by the owners of the Tirupur-based Pazee forex trading firm and the CBI had taken up the investigation in the case. and filed the charge sheet in 2013.
While Kathiravan, one of the prime accused had died, the judge, Ravi of Special TNPID Court pronounced the Managing director Kamalavalli andMohan Raj as guilty and handed the punishment.
Also, the judge ordered that the fine amount be divided and given to the affected parties in the notorious scam.
According to the CBI charge sheet, Rs.930 crore scam involved 58571 depositors from all parts of India. The judge condemned the CBI for not producing all the affected parties in the scam but only 1402 investors.
The judge also directed that the CBI shouldentertain new complaints from affected parties and should not avoid them.
In the sensational case, which hit the headlines, 1402 investors were duped by the owners of the Tirupur-based Pazee forex trading firm and the CBI had taken up the investigation in the case. and filed the charge sheet in 2013.
While Kathiravan, one of the prime accused had died, the judge, Ravi of Special TNPID Court pronounced the Managing director Kamalavalli andMohan Raj as guilty and handed the punishment.
Also, the judge ordered that the fine amount be divided and given to the affected parties in the notorious scam.
According to the CBI charge sheet, Rs.930 crore scam involved 58571 depositors from all parts of India. The judge condemned the CBI for not producing all the affected parties in the scam but only 1402 investors.
The judge also directed that the CBI shouldentertain new complaints from affected parties and should not avoid them.