NG Chief Sent To Judicial Custody

Submitted by Ketan Sharma on Thu, 12/18/2008 - 06:13

Nagarjuna Group chairman and promoter of Nagarjuna Finance (NFL), K S Raju and another director P K Mahadevan have been sent to judicial custody till December 29 by the additional chief metropolitan magistrate Nampally. They were filed under Depositor’s Financial Establishment Act by the Central Crime Station (CCS), Hyderabad. The court also dismissed request of medical assistance due to unavailability of required documents.

Raju and Mahadevan are charged with allegation of cheating depositors of NFL, a non government financial institution. The court issued several warrants against them but they failed to appear before the court.

Nagarjuna Group formed NFL in 1982 with the objective of entering into the financial services industry. It collected deposits worth hundreds of crores till 1997-98 across its various branches but failed to repay the matured deposits.

A case is also pending against K S Raju by the Registrar of Companies. He has petitioned the Economic Offences Court against Raju and other promoters of NFL for their failure to repay depositors.


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