HC asks fraudster to cough-up 400 cr

Justice Subhash B Adi directed that a compromise formula should be worked out and the money should be deposited by 2.30 pm. If the order was not complied with, then a judgement would be passed in the afternoon. The Judge also directed the police not to arrest Chacko until Tuesday evening.

Chacko is believed to have cheated more than 1,500 NRIs to the tune of Rs 500 crore. So far 49 cases have been registered from NRIs settled in Bahrain and United Arab Emirates.

Chacko, a native of Kerala, hosted a party for a senior official in Dubai to win over the confidence of the NRI community. Many fell into his trap and invested money eyeing properties in Bangalore and surrounding areas. He purchased land at many places but did not allot sites to the investors.

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