16/06/2013 : High Court of Tripura summons GENET Chairman in fraud case Tripura High Court summoned Chairman of GlobalEducational Net (GENET) – Balachandra Nayar to be present at the court on June24 relating to the fraud caseof over Rs. 10 crore during his tenure as GENET Chairman in the state. Nayar was the Chairman of GENET and PB Memorial Trust who was accused of collecting auditless cash from several business magnets of the state. The High Court on June 04 ordered him to be present during the court proceedings on an ongoing fraud case on him. The case accused Nayar of collecting massive cash from several wealthy business tycoons of the state. He was also accused of facilitating collection of cash through several other employees of GENET like Vasudevan, ArunPillai, Satyanarayan etc. The investors, who gave away cash to GENET at the time, later filed lawsuits with the High Court charging the GENET Chairman of fraudulent activities. It is learnt that the entire amountof money invested in the GENET run hospital amounts to around Rs. 10 crores. The court issued arrest warrants against quite a fewofficials of GENET on October16, 2009. Surprisingly, each one of the wanted persons flew out of the state on the same morning.
Posted on: Sun, 16 Jun 2013 15:50:29 +0000
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