Officer probing Ponzi scam takes ₹69L bribe, arrested
Siddharth.Prabhakar@timesgroup.com 09.04.2018
Chennai : A deputy superintendent of police, who had allegedly collected a bribe of ₹68.91 lakh from the managing director of a company running a Ponzi scheme by threatening him with arrest, is in the net.
The directorate of vigilance and anti-corruption (DVAC) has booked A Mohammed Balulullah, former DSP in the economic offences wing-II (EOW) unit and who is at present working as DSP in district crime records bureau (DCRB) in Tiruvarur, under the provisions of Prevention of Corruption Act. The FIR, registered on Thursday, has accused him of collecting cash and electronic goods from the company as bribes.
The action was taken based on a discreet enquiry conducted by an additional director-general of police in September, 2014. In 2013-14, the EOW was investigating a case pertaining to M/s Grow Rich Foundation, started by S S Sundaram and Mahadevan, registered as a firm in 2011.
The firm collected deposits from public and invested them in capital market and real estate. It spawned four eponymous companies as well. They had issued advertisments to collect deposits from public, guaranteeing a monthly return of 10% up to 24 months with 100% capital guarantees in forex and commodities trading.
They also announced referral income similar to multi-level marketing (MLM) and incentives in the form of laptops, bikes, cars and villas. SEBI had collected information and referred the guarantee of abnormal returns to EOW, which investigated the issue.
The case came to Balulullah, who collected details and copiesof documents and initiated an inquiry against the firm, DVAC said. EOW found that between September 2013 and August 2014, Balulullah collected a sum of ₹68.9 lakh as cash and household articles on various occasions from managing director of the firm, S S Sundaram, through his administrative executive Mohamed Rizwan. This was allegedly done by threatening Sundaram with a case and arresting him for collecting investments from public without proper approval from regulatory bodies.
Based on this, DVAC conducted a detailed inquiry against the DSP and the then in-charge superintendent of police, an IPS officer.
The latter had forwarded the complaint against Grow Rich Foundation to the accusedfor taking necessary action.
Siddharth.Prabhakar@timesgroup.com 09.04.2018
Chennai : A deputy superintendent of police, who had allegedly collected a bribe of ₹68.91 lakh from the managing director of a company running a Ponzi scheme by threatening him with arrest, is in the net.
The directorate of vigilance and anti-corruption (DVAC) has booked A Mohammed Balulullah, former DSP in the economic offences wing-II (EOW) unit and who is at present working as DSP in district crime records bureau (DCRB) in Tiruvarur, under the provisions of Prevention of Corruption Act. The FIR, registered on Thursday, has accused him of collecting cash and electronic goods from the company as bribes.
The action was taken based on a discreet enquiry conducted by an additional director-general of police in September, 2014. In 2013-14, the EOW was investigating a case pertaining to M/s Grow Rich Foundation, started by S S Sundaram and Mahadevan, registered as a firm in 2011.
The firm collected deposits from public and invested them in capital market and real estate. It spawned four eponymous companies as well. They had issued advertisments to collect deposits from public, guaranteeing a monthly return of 10% up to 24 months with 100% capital guarantees in forex and commodities trading.
They also announced referral income similar to multi-level marketing (MLM) and incentives in the form of laptops, bikes, cars and villas. SEBI had collected information and referred the guarantee of abnormal returns to EOW, which investigated the issue.
The case came to Balulullah, who collected details and copiesof documents and initiated an inquiry against the firm, DVAC said. EOW found that between September 2013 and August 2014, Balulullah collected a sum of ₹68.9 lakh as cash and household articles on various occasions from managing director of the firm, S S Sundaram, through his administrative executive Mohamed Rizwan. This was allegedly done by threatening Sundaram with a case and arresting him for collecting investments from public without proper approval from regulatory bodies.
Based on this, DVAC conducted a detailed inquiry against the DSP and the then in-charge superintendent of police, an IPS officer.
The latter had forwarded the complaint against Grow Rich Foundation to the accusedfor taking necessary action.
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