Anubhav General Manager remanded to Crime Branch for 11 days.

Malay Mehta, General Manager of Anubhav Tree Plantations was remanded by the metropolitan court on Sunday for 11 days police custody, alleged in cheating and defrauding investors of crores of rupees. The fraud involves embezzlements of funds to the tune of over Rs 100 crore in Gujarat, as alleged by the investors.

During the court proceedings several investors were present in the court premises at Bhadra where the crime branch of Ahmedabad police arrested Mr. Mehta after receiving complaints of cheating the investors.

The Anubhav Group Investors' Association, national president Magan Barot said that he met SEBI chairman personally and complained that investors were cheated because of the high rating given to the company. He said that SEBI chairman assured him to help investors and said that Delhi High Court has ordered plantation companies to announce their preperties within three weeks.

Giving information about the irregularities, Barot said that chairman of the company C Nateshan of Chennai transferred Rs 40 crore in the name of two foundations, created on the name of his sister. He alleged that big investors were yet to come out with their deposits and at present, only small investors have gathered against the company.

Meanwhile, investors in Rajkot also submitted a memorandum to police commissioner Sudhir Sinha to take action against directors of the Group.

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