A Singapore Court has charged today an Indian-origin director of a Singapore based construction company over alleged involvement in fraudulent investment schemes in India and Sri Lanka.
Selliaya Suresh aged 49 is the director of RBI Holdings offered one of the schemes for investment in villas in India and in the other, an aquabreed scheme offered investment in crab farms in Sri Lanka. The people who invested in the villa project in India were told that they could sell the villas in buyback arrangement if they paid tax first. In the crab farm, the investors were told that they will receive annual returns through an ”RBI Aquaculture Bond”.
Selliaya Suresh aged 49 was charged by the court with 23 counts of cheating, 261 counts of forgery,141 counts of issuing securities without a formal document and 2 counts of managing a company as an undischarged bankrupt. He will get 10 years of imprisonment and fine for each count of cheating and forgery. For other charges, he will face jail terms of two years and fines.