Highrich Company Owners File High Court Petition to Quash Financial Fraud Case

2024-02-03 17:13:48

Kochi: The owners of the company have approached the High Court with a demand to quash the Highrich financial fraud case. The accused in the case K.D. Prathapan and his wife Sreena filed the petition in the court. The demand in the petition is that the case taken by Cherp police is fake and should be quashed. A cash advance is not an investment. It was also pointed out in the petition that the offense under the Buds Act does not exist.

Highrich company owners KD Prathapan and his wife Sreena are accused in the case of embezzling Rs 1,693 crore through money chain fraud. The Enforcement Directorate (ED) had told the trial court that they are regular financial criminals. Investigating Officer Deputy Director Prashant Kumar and Special Prosecutor M.J. Santosh informed the court that they are also accused in 19 cases of similar nature. In these 3 cases, the court has completed the trial and convicted the accused.

Prosecutor MJ said that the biggest financial fraud seen in Kerala is coming out in the investigation. Santhosh informed. ED has been able to freeze only 212 crore rupees found in the investigation. Proceedings should be initiated to find out and confiscate the remaining amount. For this, the prosecution informed the court that it is necessary to interrogate the accused in custody and take evidence.

The accused have smuggled crores of stolen rupees abroad through hawala. The prosecution also pointed out that the investigation team has received only preliminary information of Rs 100 crore.

English Summary:

High Rich Owners Battle Legal Storm: Court Petition to Dismiss Multi-Crore Fraud Case