Ponzi scheme mastermind might have planned scam in jail

Admin   |   08 June, 2015   |   973   |   3980

MUMBAI : Madrass Cafe movie actress Leena Paul's live-in partner Sekar Chandrashekar had conspired to start a ponzy scheme in Mumbai while he was lodged at a Chennai jail in 2013. Chandrashekhar was arrested by the Chennai police in connection with a cheating case and was in jail for six months before being released on bail in Janjuary 2013.:

"Chandrashekhar, who is in Mumbai police's custody right now in a Rs 10 crore cheating case, arrived in the city in the first week of February 2013. Within two weeks of his release from the jail, Chandrashekhar floated another bogus scheme in Mumbai. We have arrested him and Paul in the same case for luring investors of 200 and 400 per cent returns on their investments," said an officer. Paul, Chandrashekhar and four others were arrested last week for running multi-level marketing scam in Mumbai. Police have seized several cars, costly mobile phones, imported watches, and cash collectively valued at Rs 6.5 crore.

"Paul and Chandrashekhar had planned to flee the country. However, Paul's passport has been impounded by the CBI earlier in a cheating case. Chandrashekhar is trying to save her by claiming the scheme was his brainchild and Paul had no role to play in it. However, we have got evidence that prove her involvement. She met investors and even collected their investment personally," the officer added. Paul, Chandrashekhar and others will be produced before a court on June 8.

The city EOW will be writing the Bangalore and Chennai police to collect information about Chandrashekhar's case details. "He seems to be a habitual offender in economic frauds. He was released from jail and within a fortnight he floated another scheme. It indicates he had planned the scheme well much in advance. The cases he is involved in, will help us to understand his criminal activities better," said the officer.

"We are trying to establish the exact flow of money. We are interrogating the accused and will establish about the missing over Rs three crore that they earned through illegal means," said Dhananjay Kamalakar, joint commissioner of police (EOW). More than 200 investors have approached the police since the news of this racket being busted appeared in newspapers.