The Madras High Court has put a stay order on the verdict to be issued for the Paazee Forex Company’s scam, until March 31 after which the TANPID Court Justice Ravi adjourned the case to April 1.
Coimbatore: A stay order has been given by the Madras High Court on the verdict for the Paazee Forex Trading scam in Tirupur.
The Paazee Forex Trading (India) Pvt. Ltd, in Tirupur, an online finance company swindled about Rs. 870 crores from 1433 people. The company was operational till 2011. The company's directors Kathiravan, Mohanraj and Kamalavalli were arrested by the CBI and released on bail. Kathiravan, one of the Directors of the company passed away in 2021.
The Paazee Forex Trading scam trial is underway at the TANPID Court in Coimbatore. The CBI's witness hearing in the case was completed and a hearing was assigned for arguments from both sides. While the defence lawyers did not argue and continued to seek time, the arguments from both sides were presented on Febrauary 4 and the date of judgement was to be announced.
The defence counsel however, handed over a copy of the High Court order to the Judge which stated, "The High Court has stayed the trial court's verdict in this case till March 31." After reading the copy of the order, Justice Ravi adjourned the case to Apr 1.
The Paazee Forex Trading (India) Pvt. Ltd, in Tirupur, an online finance company swindled about Rs. 870 crores from 1433 people. The company was operational till 2011. The company's directors Kathiravan, Mohanraj and Kamalavalli were arrested by the CBI and released on bail. Kathiravan, one of the Directors of the company passed away in 2021.
The Paazee Forex Trading scam trial is underway at the TANPID Court in Coimbatore. The CBI's witness hearing in the case was completed and a hearing was assigned for arguments from both sides. While the defence lawyers did not argue and continued to seek time, the arguments from both sides were presented on Febrauary 4 and the date of judgement was to be announced.
The defence counsel however, handed over a copy of the High Court order to the Judge which stated, "The High Court has stayed the trial court's verdict in this case till March 31." After reading the copy of the order, Justice Ravi adjourned the case to Apr 1.