The undoing of his business began when Sabarinath and Chandramathi fell out over his connections with another woman, employed in a leading private sector bank. The bank employee and her family were made partners in the Total City project. Unable to stomach Sabarinath’s growing business relations with the bank officer, Chandramathi took his pen drive and collected the details about the investors in the three companies.

Soon, Chandramathi flashed a message to major investors that Sabarinath’s business had hit a slippery slope. This forced many to withdraw their deposits. When investors came in flocks to retrieve their money, Sabarinath struggled to repay them as promised. His failure to repay depositors forced an investor to file a complaint with the police in the last week of August. That prised open the lid on the major scam and soon more investors came forward to file complaints against Sabarinath.

Police sources said the magnitude of the cheating was unfathomable as a lot of money collected through corrupt means by bureaucrats and politicians had been deposited in Sabarinath’s companies and investment plans.

“Many are unwilling to file police complaints as it would only damage their reputation. He had also invested crores of rupees in real estate. In many cases, deals had been struck after paying just the advance amounts. Sabarinath will not be able to claim the amounts in the present scenario. Whatever happens, it will be the ordinary investors who are left bleeding,” police sources said.

A swindler’s CV

SABARINATH

Age: 21

... contd.