Paaze forex scam: Suspended DSP sent to judicial custody

Coimbatore, Jul 19: Suspended Deputy Superintendent of Police Rajendran, facing charges of cover up of multi-crore Paaze forex trading scam, was remanded to judicial custody on Monday, Jul 18 till July 28 by a court here on expiry of his five-day CBI custody.

After being grilled by the investigative agency in the past five days, Rajendran was produced produced before CBI Judge Ramasamy who remanded him to judicial custody.

Rajendran was arrested a week ago following complaints of abduction and extortion by one of the women directors of Pazee Paazee Forex Trading Company based in neighbouring Tirupur, which allegedly cheated the investors to the tune of Rs.1,600 crore.

The case was transferred to CBI in April this year by the Madras High Court.

Meanwhile, CBI has sought permission from the state government to interrogate two senior police officials -- one in the rank of IGP and another SP, who were holding respective charges when the case was registered, police sources said.

Besides DSP Rajendran, two sub-inspectors have been suspended following charges that they had taken money from the directors to hush up the case and allegedly abducting a woman director of the company, which cheated investors after promising astronomical rates of interest through invesment in forex trade.

PTI