Tuesday, September 30th9.2°C
22738
22455

Lawyer throws ink at Sahara India chief accused of multibillion-dollar fraud

NEW DELHI - An assailant hurled black ink Tuesday at an Indian tycoon accused of multibillion-dollar fraud, shouting "he has cheated and robbed us" outside the country's highest court.

Subrata Roy, head of the Sahara India conglomerate, was entering the Supreme Court building in New Delhi with scores of police and security guards when the man splashed him with ink, blackening his forehead and the side of his face.

"Subrata Roy is a thief. He has cheated and robbed us!" said the assailant, who was identified by Indian television channels as Manoj Sharma, a lawyer. Police detained Sharma and led him away.

India's securities regulator has accused Sahara India of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal.

On Tuesday, the Supreme Court ordered that Roy and two other directors of the company be sent to jail until further orders from the court. It fixed the next court date for March 11.

The court also directed Sahara India's lawyers to come up with a proposal for how it would pay back the money it owes investors.

The court issued an arrest warrant for Roy last week after he missed a court date, saying his mother was ill. He surrendered to police Friday.

Roy apologized to the court on Tuesday for his absence.

Sahara is well known throughout India because it co-owns a Formula One team and sponsored the Indian cricket team until recently. It also sponsors the Indian hockey team.

Investors have grown increasingly angry at Roy and are upset over what they see as his pampered treatment in custody. Roy has been staying in a plush forest guesthouse since his arrest and travelled to New Delhi for the court hearing in a luxury sedan, escorted by half a dozen police cars.

His company was ordered to return billions of dollars to investors, many of whom are poor Indians who lost their life savings. Sahara India says its liability was much less and it already has repaid many investors directly.

Sahara has vast real estate holdings and interests in microfinance, media and entertainment companies and hotels, including the Plaza Hotel in New York and London's Grosvenor House. The company says its net worth is $11 billion.

The Canadian Press


Read more Business News

23557


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8918-0.0012
Gold1206.50-5.10
Oil89.95+0.19
Lumber333.20+0.30
Natural Gas4.124+0.003

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 





FEATURED Property
19819796347 Renfrew Road
4 bedrooms 3 baths
$1,089,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_



23499




Member of BC Press Council


22786