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AP seeks CBI help to trace 'vanishing company' promoter

Our Correspondent in Hyderabad

Andhra Pradesh Chief Minister Nara Chandrababu Naidu has sought the help of the Central Bureau of Investigation to trace the whereabouts of septuagenarian Roopchand Pardesi, promoter of the Pardesi group of firms, who allegedly disappeared with millions of rupees raised through deposits from small investors.

Naidu wrote a letter to Union Home Minister L K Advani seeking the Indian government's necessary assistance for the arrest of Pardesi and his accomplices.

The l'affaire Pardesi has come to be known as one of the major financial crimes in Andhra Pradesh.

Pardesi was a resident of Hyderguda in Hyderabad, and owned the Pardesi group of companies. Alongwith his family members, he ran firms like Pardesi group of trading houses, Pardesi Electric Dry Cleaners, Pardesi Wines.

The Pardesi group collected deposits from investors by offering very high interest rates. From October 8, Pardesi and his family members were not seen in Hyderabad, and were reported absconding. They had allegedly defaulted on repayments to the investors and depositors.

Hyderabad Police are working with the CBI's city office to unravel the mystery. They are likely to seek the help of Interpol, the trans-continental police network. For there are rumours that Pardesi has fled to Dubai in the Middle East.

Pardesi is a Sindhi who migrated from Pakistan soon after Indian Independence in 1947 and settled down in Hyderabad. Ever since, he was in business. He set up a group of trading houses with interests in exports, liquor, paper, medical items, consultancy and construction.

The Pardesi group recently celebrated its golden jubilee. The group had collected an estimated Rs 2.5 billion from over 4,000 depositors and investors over the years by offering them high interest ranging between 30 and 33 per cent per annum.

The duped investors lodged complaints with the Hyderabad Police. They also formed the Pardesi Cheating Case Victims' Forum.

The Hyderabad Police suspect that Pardesi may have fled to Dubai. The signing of the extradition treaty between India and the United Arab Emirates on Monday is expected to encourage the cops to zero in on Pardesi.

The police have discovered that before disappearing from Hyderabad, Pardesi withdrew huge amounts of money from Canara Bank's Basheerbagh branch. The police have sealed the office of the Pardesi group located at Minar Apartments in Deccan Towers, Basheerbagh.

Pardesi's driver was taken into custody but other employees were let off after interrogation. The case has been entrusted to the City Crime Station.

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