FOREIGN BANK ACCOUNTS FOUND
The police said they were looking for account books and computer data about the investors. Meanwhile, the Enforcement Directorate has identified some undeclared foreign bank accounts belonging to Yash Birla. “The information is that there is substantial balance running into crores. Our investigations are in progress,” an official said.
TOI had first reported the case on December 31, 2013. On December 30, 2013, the Marine Drive police registered a cheating case against Birla Power Solutions for allegedly duping a Worli-based businessman of Rs 1crore by not repaying his fixed deposit investment on maturity.
The case was later transferred to the EOW. “Till date, 28 investors have approached us saying they have been cheated of Rs 20 crore,” said additional commissioner (EOW) Rajvardhan Sinha.
Anand Vardhan Pathak, president (corporate affairs) of the Yash Birla Group was arrested by the Narcotics Control Bureau early this month under the NDPS Act. “We have summoned all the directors of Birla Power Solutions, including Yash Birla for their statement,” said Sinha.
The Times of India, January 25, 2014