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M'sian woman held in India over $26m cheating case

Publication Date : 21-02-2014


Indian police have arrested a 50-year-old Malaysian woman for allegedly cheating investors of 1.6 billion rupees (about US$26 million) through a Hong Kong-based multi-level marketing (MLM) company and money circulation schemes.

According to Indian national news agency, Press Trust of India (PTI) which quoted unnamed Crime Investigation Department (CID) officials, the suspect was waiting to board a flight to Malaysia when she was detained by Immigration authorities at the Chennai International Airport in Tamil Nadu

As of press time on Thursday, her name is listed as the most-wanted in white collar crimes on the Andhra Pradesh Crime Investigation Depart­ment website.

A police team from Andhra Pradesh was sent to Chennai to make the arrest, it said, adding that she was produced before a court in Nellore, Andhra Pradesh, and remanded.

The woman faces 21 criminal cases of cheating under the Prize Chits Money Circulation Schemes (Banning) Act 1978.

The woman and four other people had allegedly floated an MLM company and illegally collected deposits from investors in Andhra Pradesh by promising high returns, a CID official was quoting as saying by PTI.

As many as 21 cases had been booked against the five on charges of cheating under the Indian Penal Code and provisions of the Prize Chits and Money Circulation Schemes (Banning) Act 1978, said the report.

The woman’s company based in Malaysia said in a statement that its legal team is currently addressing the issue.

“It is surprising that this matter has arisen after all this time, since she has always fully cooperated with the authorities in their investigation and the subsequent closure of all cases,” said the company.


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