Joseph Chacko had hoodwinked nau00efve NRIs of around Rs 400 crore and has nearly 40 cases registered against him in the city
Joseph Chacko had hoodwinked nau00efve NRIs of around Rs 400 crore and has nearly 40 cases registered against him in the city
V Mathew Kurian, an NRI settled in the city, is one of the many rejoicing over Joseph Chacko's arrest at Kolkata International Airport on Wednesday.
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Chacko is believed to have duped innocent NRIs to the tune of Rs 400 crore. Nearly 40 cases were registered against him in different police stations of the city.
"I am very relieved and I hope many more people will file cases against this master conman," said Kurian.
Chacko had promised Kurian residential sites. "He sold me two sites in Byrattiu00a0 Hennur and Doddaguppi for Rs 7 lakh in 1993. But when I returned, the conman had sold the land to somebody else," said Kurian.
Modus operandi
Chacko would get illiterate and poor villagers to give him the power of attorney by promising to pay them once their lands were sold. But he never kept his promise.
In 1995, Chacko moved to Kuwait and became an NRI. He began developing several residential layouts exclusively for NRIs across the Gulf, UK, USA, South Africa etc. He held his NRI status for several years to keep the proceeds of sales abroad, to avoid the attention of income tax authorities.
He resorted to mega advertisements and exhibitions all over the Gulf, attracting hundreds of NRIs looking for investment opportunities in India. He exploited the NRI fascination for Bangalore and became astoundingly successful within a short time, thanks to his excellent presentation skills, eye-catching brochures and video presentations.
The Bangalore Metropolitan Magistrates Court had issued non-bailable warrants against him two years ago in connection with five cases registered against him at Hennur police station.
Lawyer's version
Lawyeru00a0 Shankrappa, who is representing some of the cheated NRIS, says, "Chacko filed cases against the NRIs whenever they visited India and used to create fear psychosis among them. As a result, many of the investors did not complain to the police. Now that he is caught, I hope the law will take its own course.
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