Ponzi Scheme: The Former Director Whitedot Bail After Five Months In Detention

8 years, 9 months ago - September 06, 2013
Arun Mossuddee, former director of the company Whitedot was paroled Wednesday, 4 September after five months in detention.

This young man of 23 years has paid a deposit of Rs 45,000 and signed an acknowledgment of debt of Rs 100,000. The Court imposed a further condition: he must present himself to the police station in his community every day.Arun Mossuddee was arrested on 29 March 2013 under a provisional charge of "conspiracy to defraud." This in the wake of the financial scandal involving several companies operating in the mode of the Ponzi scheme.
Fraud have claimed several hundred victims. The company Whitedot promised them attractive returns on investment of time of time. Fraud would have resulted in a transfer of funds of Rs 700 million to a Swiss bank.
Arun Mossuddee told investigators he sold the shares of all companies that operated under the company Whitedot.
On four occasions, the Court has refused to grant parole. Arun Mossuddee is defended by Roshi Bhadain, assisted by the lawyer, Mr. Preetam Chuttoo.

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