Tycoon scam: MD held
Posted on: 29 Nov 2012
Vadakara: Tycoon company managing director Rajesh Sadasivam was held in Chennai on Wednesday in connection with the money chain investment scam. Vadakara Crime detachment DySP PP Sadanandan and team arrested him and was brought to Vadakara on Wednesday night. The police also seized a Scorpio in the name of the company. There are documents with the Registrar of Companies, which prove that after starting Tycoon, Kamala Kannan, Narayanan and Sadasivan sold it to three other persons. Rajesh Sadasivam was one among them but in reality though there were documents showing the sale deeds, the same group was running it.
Narayanan who came to company after black mailing and threatening Kamala Kannan and Sadasivam made Rajesh the MD. Police said he also grabbed Rs 1 crore. When the case was registered against the company, the company vehicles were sold and Rajesh absconded. Rajesh is from Aruvikkara, Thiruvananthapuram and later shifted to Chennai. After the case was registered, police gained information that Rajesh bought land in Chennai and visits the place often.
