Anchor Group directors sent to jail till Mar. 12

Feb 27, 2013 |

Age Correspondent

mumbai

The metropolitan magistrate court on Tuesday remanded the director and the co-directors of the Anchor Group to judicial custody till March 12. They have allegedly committed a fraud worth `26 crore.
The director of Anchor Group, Mehul Shah, and its co-directors Sanjay Shah and Atul Shah were produced before the magistrate court on Tuesday. The Economic offences wing (EOW) had
arrested the trio on February 21 and had produced them before the magistrate court then. The court had then remanded them to police custody till February 26.
In 2011, Indur Chaudhary, the director of art, advertising and marketing, had lodged a complaint against the director and 11 others alleging that they had committed fraud. Mr Chaudhary had stated that some of his former employees had
diverted funds and poached some of the Chaudhary’s clients to their new advertising firm.
According to the complainant, the employees floated a new ad firm Red C Advertising in connivance with directors of the Anchor Group. Mr Chaudhary said that post the revelation of the fraud, the former employees of his company had signed a Memorandum of Understanding (MoU) with the employees to compensate him for the losses he incurred due to them. However, they had refused to honour the commitment.

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