MD of online trading company held for embezzlement

A managing director of a private firm, who has been on run since 2013 after allegedly cheating investors from the city to the tune of Rs 49 lakh, was arrested from Madurai, police said today.
Anand Ramani, the Managing Director of IR Commodities located in Punjagutta here, allegedly induced gullible customers in investing money in online trading by promising them five per cent interest, they said.
However, he shut down his company in 2013 after "looting" Rs 49 lakh from them, a release from Hyderabad Police said.
Ramani, a native of Chennai, had opened the online trading company "IR Commodities Pvt Ltd" in 2011.

With the help of his tele-callers, he used to induce customers to invest money in his company by promising them five per cent interest on their investment and used to do online trading, as per the release.
He had paid interest of five per cent for the first year, but later when he accumulated Rs 49 lakh from investors, he closed down his company without paying any investor and fled to Dubai, it said.

A case was registered on various charges of IPC, including cheating and other relevant sections of IT Act by the cyber crime police attached to Central Crime Station, a wing of Hyderabad Police.

On credible information about his location in Dubai, a 'Look Out Circular' was issued against him to the immigration officials of various airports in India, police said.
On August 3, when Ramani landed at Madurai airport, he was detained by the immigration officials.
Subsequently, the sleuths of Cyber Crime rushed to Madurai and brought him on transit warrant to Hyderabad. He has been remanded in judicial custody, the release added.