Financial fraud: Srinivasan Narasimhan held in Dubai Resort | Srinivasan Narasimhan who was arrested in dubai has invested crores of rupees | News18 Kerala, Gulf Latest Malayalam News


News18 Malayalam

Dubai: Malayalee businessman Dilip Rahul’s company has lost a whopping Rs 765 crore (Dh370 million) from Pacific Control Systems (PCS). Dubai has also made investments in real estate business in the name of FamilyTrust. The arrests were made when they came to sell the related items.Srinivasan Narasimhan KT Valley Estates Pvt Ltd (KVEPL) and KT Valley Enterprises India Pvt. The major investments are in Ooty, various parts of Tamil Nadu and Hyderabad. 500 crore worth of investments in Ooty alone. A resort project on 100 acres is also in progress.

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Narasimhan also bought a Rolls-Royce car for his wife. This was 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 from the 765 crore company. This was followed by a case filed by Dubai Police.

The arrest of Srinivasan Narasimhan is likely to be answered soon. The Malayalees in the case are Bino Chirakkadavu and Siju Mathew.

Also Read- Where are the two Malayalees who dipped Rs 765 crore in the Dubai businessman’s company? Sutradharaman in the gripPCS is a technical service provider to government agencies in the UAE. The lawsuit alleges that Srinivasan and three other employees had forged a fake account in the name of the company and used Dilip Rahul’s fake signature checks. A case filed by Dubai Police alleges that between 2012 and 2016, crores were allegedly smuggled into the company’s records and fabricated. Dileep Rahul was sentenced to three years in prison for these checks. Srinivasan, Malayalees Bino Chirakkadavu, Siju Mathew and Jacqueline Chan of the Philippines were sent to the UAE when they were arrested. They were booked after the Dubai police lodged a complaint.

The investigation revealed that Narasimhan and three others had smuggled the company’s computer hard disks before escaping. With Dileep moving to the US in 2016, the PCS company was in financial crisis. The arrest of Srinivasan Narasimhan, who was on his way back in the case, was on his way to recover the Rs 2890 crore liability company.

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First published: May 23, 2020

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