NT NETWORK
PANAJI
Bail applications of Rekha Raikar one of the directors of Kamakshi Forex and her daughter-in-law Neelima have been rejected by a court in Margao while the police custody of the main accused Nilesh Raikar has been extended till Friday.
Nilesh was arrested on April 22 after he surrendered while his mother Rekha and wife Neelima were arrested on late Monday evening in connection with the multi-crore investment fraud being probed by the Economic Offences Cell (EOC) of the Goa police.
EOC on April 15 had registered an offence under criminal breach of trust, criminal conspiracy and cheating against Nilesh Raikar and directors of Kamakshi Forex for swindling crores of rupees from several depositors.
Police informed that so far around 503 complaints have been lodged and the amount (maturity) is said to be around Rs 32 crore. According to police, the principal amount deposited by around 321 investors comes to around Rs 10 crore while the amount (principal) of remaining investors is being ascertained. Police informed that the accused had offered interest rate of around 24 percent and had issued post dated cheques to the investors depending on the maturity of the invested amount.
According to police, Kamakshi Forex had permission from the Reserve Bank of India (RBI) to run foreign currency exchange but not for collecting and depositing money. Incidentally, much before the issue of multi-core investment fraud of Kamakshi Forex came to fore, the Enforcement Directorate (ED) had begun a probe against the firm for alleged Foreign Exchange Management Act (FEMA) violations.