The CBI on Sunday said it has arrested an absconding accused (Economic Offender), who was deported from Riyadh, Saudi Arabia, at Delhi.

The accused, Sudeer Muhammed Cheriya Vannarakkal, was involved in five cases registered by the CBI at its Chennai office.

The CBI had managed to get a Red Corner Notice issued through Interpol against the accused who was located in Saudi Arabia and with the close assistance and coordination with the authorities there through Interpol channels, he was deported to India, the agency said.

It said the accused is being produced before the Competent Court at Ernakulam (Kerala).

The CBI had registered five cases on the orders of Kerala High Court and taken over the investigation of the cases, earlier registered at Police Station Kasargod (Kerala).

“In four cases, it was alleged that the accused and others floated a private company based at Kasargod (Kerala), made false promises and representations/ declarations to the public at large with the assurance to return of investment with higher/exorbitant rate of interest after 61 days of their investments and also promised to pay commission of 2 per cent per month to the agents who had mobilized the investments for the said company,” it said in a statement.

During investigation, it was found that in 2009-11, all the seven accused including Vannarakkal of the accused private company floated a  fraudulent scheme called Forex trade (trading with foreign currencies), promised a monthly returns of seven percent on the principal to the depositors and two percent to the agents for mobilizing the depositors.

Through the scheme, the accused persons collected huge deposits in cash to the tune of around Rs 9,93,68,000 from the depositors  and cheated them by not repaying the assured returns as well as the principal amount, thereby caused  huge loss to the depositors, it said.

After investigation, a chargesheet was filed in the court of chief judicial magistrate, Ernakulam. The accused were declared as Proclaimed Offenders by the Court.

The fifth case was registered on the allegations that the accused induced the petitioner/complainant to arrange Rs 50 lakh as deposit and promised to give monthly returns arising out of his ‘Business’ to the depositors.

The complainant allegedly invested Rs 19 lakh in 2011 in the accused Company and the accused did not pay returns as well as the principal amount to the complainant.

After investigation, chargesheet was filed in the Court of Chief Judicial Magistrate, Ernakulam.