After remaining in hiding for more than 18 months, master swindler Sabarinath Monday surrendered in a local court here.
The case surfaced in 2008 when the then 21-year-old was arrested after he swindled more than Rs.5 billion from more than 3,000 investors after promising them high returns.
His office, named Total 4 U based here in the state capital, was into share broking and initially offered huge returns for investors. Soon, many people flocked to him.
Then, one fine morning, his business collapsed and he was arrested. After spending 13 months behind bars, Sabarinath got bail in October 2009 in the 32 cases registered against him.
However, he was untraceable after his bail period got over, forcing the Kerala Police to issue a lookout notice for him.
Monday morning, Sabarinath made a quiet appearance at one of the local courts here and was remanded in judicial custody. In the court, he sought a separate enclosure in the jail as he said he feared for his life and that was one reason he went into hiding after his bail period got over.
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Sabarinath has studied till Class 12 and fell out with his parents when they refused to give him money to start his business. He began as a financial consultant with a life insurance company and in 2007 launched his firm Total 4 U.
He enjoyed a lavish lifestyle and owned many luxury cars. He even opened a recording studio in a prominent Kochi hotel.
Soon after his arrest, the police seized more than a dozen luxury cars, including a brand new BMW that he gifted to his girlfriend.
Following the intervention of the court, many of his luxury vehicles were auctioned and the proceeds deposited in court.
Trial in the cases registered against him is expected to commence from next month.
The police then had arrested 11 people along with him, including two women staff from his office, a female bank official, a lady doctor, a lady state government employee besides his father and a few others who were his advisors. All of them are out on bail.