Rs 68.50 cr ponzi scam; SC paves way for trial of S Natrajan
By Team Legistify / 2017-10-03

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The Supreme Court has paved the way for prosecution of S Natarajan, now a director in the Sriram Group, in the 2004 high-profile ponzi scam involving Chennai-based PNL Nidhi Limited which allegedly collected Rs 68.50 crore from over 13,000 investors and defaulted in repayment.

The apex court set aside a Madras High Court order quashing criminal proceedings against Natarajan, who had served as one of the directors till 2000 in the accused firm, PNL Nidhi Limited, which is now defunct.The private finance company and several others including Natarajan are accused of misappropriation of public money and fraudulent diversion of property in 2004. They are also charged with collecting Rs 68.50 crore from 13,295 depositors and defaulting in repayment.

Picture Courtesy- Top News Today

The high court had set aside the proceedings against Natarajan, who was a director in the accused firm between 1995 and 2000, on the ground that default in repayment of dues to depositors by PNL Nidhi Limited occurred in 2004 while he left four years ago.


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