‘Coimbatore’ K.C. Palanisami arrested
The Central Crime Branch (CCB) police arrested former Member of Parliament and former Member of Legislative Assembly ‘Coimbatore’ K.C. Palanisami on charges of forgery and cheating a Non-Resident Indian to the tune of Rs. 75 crore here on Thursday.A city court remanded him to judicial custody.Following a complaint from an NRI Chandran Ratnasami, a resident of Canada, that he was cheated by Palanisami, the CCB police registered a case.Investigations revealed that Palanisami had persuaded the NRI to invest in India and float a company. The NRI had invested money in a phased manner and purchased properties. However, Palanisami had siphoned off about Rs. 75 crore from the company and sold off the assets worth over Rs 100 crore.He had also forged and fabricated minutes of the company.Palanisami was elected from the Kangeyam Assembly constituency in 1984 and elected from Tiruchengode as Member of Parliament in 1989 representing the AIADMK.Based on the confession of Palanisami, the police registered a case under IPC Sections 463 (forgery), 464 (making a false document), 468 (forgery for purpose of cheating), 469 (forgery for purpose of harming reputation) and 471 (using as genuine a forged document).Further investigation is on.
