The Nazarbad Police have seized two luxury cars belonging to B.L. Ravindranath, MD of city-based Green Buds Agro Farms Ltd., who has been arrested on charges of cheating the investors to the tune of crores of rupees.
The Green Buds company, having 72 branches all over the State, is said to have collected more than Rs. 800 crore through investments in Recurring Deposits, Fixed Deposits and Pigmy collections. However, the deposits were not returned to the investors even after the maturity period. Based on this allegation, the Police arrested Ravindranath from Mangalore last Saturday.
A city court granted him conditional bail on Monday. However, since he failed to fulfil the conditions, he was taken into custody again.
Meanwhile, the Police appealed to the court to hand him over to Police custody as the matter had to be investigated further. Accordingly, he was handed over to Police custody till today (July 19).
The Nazarbad Police, who is investigating the case, seized two luxury cars worth Rs. 30 lakh belonging to Ravindranath in Mangalore.
The Police, who have intensified their investigation, are assimilating information about the properties he has purchased all over the State with the investors’ money and about his partners in the business.
The accused is said to be co-operating with the Police and has given information about his movable and immovable assets.
Courtesy : Star Of Mysore