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Vini
Vinc president nabbed by Bangalore Police
by Kestur G.Vasuki
Bangalore: The police in Bangalore have arrested the President of the Vini Vinc Foundation, KN Srinivasa Shastry, on charges that he allegedly defrauded over 50,000 depositors of over Rs 300 cr (6.65 million dollars). Talking to reporters, Dr.Ajay Kumar Singh , the Police Commissioner of Bangalore, said Shastry who was absconding for three months was arrested from Vishakapatanam in Andhra Pradesh by a special police team. While briefing the reporters, Singh said that Shastry was trading in NASDAQ stock exchange in Vishakapatanam and was making money through the Internet. So far, police have recovered property worth Rs.8 crore (178,000 dollars). "Shastry, the accused gave us the information that after going to Vishakapatanam he started trading through NASDAQ Stock Exchange and there he gained four lakh rupees. This case is very significant.
According to him he has collected 150 crore from 15 thousand people which
is quite large number of people and large amount. But we think there were
more depositors and more money involvement. So its a big case for us,"
said Dr.Singh. Police, however, have ruled out any political link with
Shastry. Shastry has been remanded to police custody till November 7.
- Nov 1, 2005
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