The assets worth crores have been registered in the name of KT Valley Estates Pvt Ltd (KVEPL) and KT Valley Enterprises India Pvt. The major investments are in Ooty, other parts of Tamil Nadu and Hyderabad. 500 crore worth of investments in Ooty alone. A resort project on 100 acres is also in progress. It is understood that all these banks have pledged Rs 760 crore.
According to records, Narasimhan’s wife bought a Rolls-Royce car in 2016. It is registered in Coimbatore. A case filed by Dubai Police alleges that between 2012 and 2016, crores were allegedly smuggled into the company’s records and fabricated. Following the financial crisis that erupted in 2016, KPMG and Kochhar were trying to take over. An investigation into the incident has uncovered a mysterious disappearance of Rs 760 crore from the company. This was followed by a case filed by Dubai Police.
The complaint alleges that Srinivasan Narasimhan and three accountants had defrauded them. They have been forging fake seals and documents in the name of the company’s chairman Dilip Rahul. Meanwhile, an investigation by National Bank of Oman has found that the company has a liability of Rs 2,200 crore. It was found that the funds of the company were repatriated through some institutions. The arrest of Narasimhan is expected to reveal more details and speed the company’s efforts to return. PCS is also a technical service provider to many government agencies in Dubai.
Dilip, who was an officer in Love Lynn, has been in the news as a middleman in transactions and is known in Kerala.