Indian national charged for fraudulent schemes in Sri Lanka, India - report
July 5, 2019 11:36 pm
An Indian-origin director of a Singapore-based construction firm was on Friday charged in a court over alleged involvement in two fraudulent investment schemes, including investments in villas in India.
Selliaya Suresh, 49, of RBI Holdings offered one of the schemes for investments in villas in India. The other, an aquabreed scheme, offered investments in crab farms in Sri Lanka, Singapore police said in a statement.
People who invested in villas in India were told that they could sell the villas in a buyback arrangement for significant profits if they first paid tax.
Investors in the aquabreed scheme were promised annual returns through an "RBI Aquaculture Bond.
Suresh was charged with 23 counts of cheating, 261 counts of forgery, 141 counts of issuing securities without a formal document and two counts of managing a company as an undischarged bankrupt, reported Channel News Asia.
For each count of cheating and forgery, Suresh faces jail of up to 10 years and a fine.
He also faces imprisonment of up to two years and a fine of up to SGD150,000 for issuing securities without a prospectus.
For managing a company as an undischarged bankrupt, he faces imprisonment of up to two years and a fine not exceeding SGD10,000.
Source: Business Standard
-Agencies
