Subrata Roy arrested

One of India’s most flamboyant tycoons, Subrata Roy, has been arrested after he surrendered to the police today on 28th of February 2014.

The Supreme Court had ordered the arrest of the Sahara group chief on Wednesday after he failed to appear before judges in a case of fraud.

Two Sahara firms are accused of raising 240bn rupees ($3.9bn; £2.3bn) through bonds that were found to be illegal.

Market regulators say Mr Roy failed to refund the money to millions of investors despite a court order.

He is expected to remain in custody until 4 March as the Supreme Court refused to take up his bail petition on Friday, saying it was “not urgent”.

“Mr Roy wilfully submitted himself before  Lucknow police. He is co-operating with all authorities,” his son, Seemanto Roy, told a press conference in Delhi.

Sahara group, worth 682bn rupees ($11bn; £6.6bn), has businesses ranging from finance, housing, manufacturing, aviation and the media. It also has interests overseas – it owns New York’s landmark Plaza Hotel and London’s iconic Grosvenor House.

The 65 year old Subrata who lives in Lucknow issued a statement saying that he is not the one to abscond and that he was in the city and had gone to consult doctors about his ailing mother.

Short URL: https://indiandownunder.com.au/?p=3168

Posted by on Feb 28 2014. Filed under Biz India, Community. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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