Teen swindles Rs 500 cr
A 19-year-old boy, Sabari, has bamboozled the Kerala police after cheating investors of almost Rs 500 crore.india Updated: Sep 01, 2008 01:09 IST
Remember the Hollywood flick Catch Me If You Can? Well, here’s the Indian sequel, real-life.
A 19-year-old boy, Sabari, has bamboozled the Kerala police after cheating investors of almost Rs 500 crore.
But many investors dread filing complaints against him, as they deposited black (unaccounted for) money with him.
Sabari, a native of Neyattinkara, launched a financial services company called Total 4 U about two years ago, offering incredible interest rates.
His firm offered a return of Rs 60,000 on an investment of Rs 1,00,000 in just three months.
Just a matriculate, Sabarinath created a buzz about himself and his company by organising high-profile parties at five-star hotels and moved around in luxury cars. He employed suave, English-speaking employees.
But Sabarinath is also a Robin Hood of sorts, police officials admit privately.
Once in the limelight, he instituted many awards and started contributing generously to orphanages and other such institutions.
Soon, investors swarmed around him. Besides NRIs and the elderly, many customs, excise, police officials and politicians reportedly deposited large sums of ill-gotten money in his firm.
But the returns soon dried up and the smooth executives disappeared. When his story started appearing in the electronic media, he gave an interview to a local channel assuring prompt returns to investors.
There are also unconfirmed reports that he was kidnapped by a gang at the behest of some influential people.
“We have constituted a special team to nab him. We have already seized some land on the outskirts of Thiruvananthapuram city where he was building flats and cottages. We have some definite clues. He will be arrested soon,” said IG Arunkumar Sinha said.