Tuesday, 3 April 2012

Tycoon money fraud kingpin in police custody

Kerala Police's Special Investigation Team (SIT) recently arrested Narayana Narasimhalu, chief of the Tycoon Empire International Ltd of Chennai, which has defrauded several millions of people all over South India up to Rs. 400 crore. The 36-year old accused, an MBA graduate was arrested after the SIT team raided his house at Valsaravakkam in Chennai. Police also seized four luxury vehicles and documents relating to 82 acres of land which the accused bought at Ooty, Coonoor and Palladam using the ill-gotten money.
The police said that the accused is the kingpin of the Chennai-based multilevel marketing company though he did not involve directly in its activities. "He was very much aware of the illegality and was careful not to use his name or address anywhere in the documents related to the marketing company or on its website. However, the accused was zeroed in after tracking the cash flow from various accounts in the Banks, the police said.
The company was registered in the name of his personal staff including driver and sweepers and they were later appointed as directors. He was staying in a multi-crorehouse at a posh residential area inChennai with four gates fixed with high definition security cameras, police said.

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