After two years of investigation, Joseph Chacko,
a resident of Bangalore, was arrested at Kolkata International
Airport for cheating about 100 NRIs (Non-Resident Indians) of
Rs. 500 crore. He is expected to be brought to the City by Thursday.
According to the police:
- There were 40 FIRs pending against Chacko in
different police stations.
- He collected Rs. 8-10 lakh from NR Iinvrstors
to built a 220-room complex, registered them in the investors'
names, but never share revenue and one week vaction.
- He had 12 projects in Bangalore and Hoskote
taluks of Bangalore. Some of the projects were on the same land.
- He also filed cases against the NRIs who demanded
money
- He also cheated poor villagers to give him
the power of attorney by promising to pay them once their lands
were sold
- In 2004, he was convicted by the Higher Civil
Court of Kingdom of Bahrain for cheating of Rs. 3.8 crore filed
by an investor, M.T. Jose,
There were about 150 NRIs invested in his projects
and 76 managed to get sale deeds. They felt that they were cheated
and filed a complaint with the Chief Minister in May 2007.
The police also arrested three other persons
by issuing non-bail able warrants against Chacko in five cases.
Joseph Chacko moved to Kuwait in 1995 and became
NRI. He started to develop several residential big projects in
India for NRIs. He started advertisements and exhibitions all
over the Gulf to attract NRIs for investment opportunities in
India. He continued NRI status for two years and filed false sale
abroad in foreign exchange to avoid tax
