An accused wanted in various financial cheating cases running into about Rs 50 crore surrendered before a court here today, three years after absconding by jumping bail.
Sabarinath, against whom as many as 33 cases have been registered by the Crime Branch, has allegedly cheated unspecting investors about Rs 50 crore by floating a bogus fortune firm called "Total for You".
He had allegedly lured about a thousand customers, most of them from middle-income group, by offering high rates of interests on their deoposits.
He lavished the money in buying villas and luxury cars and cultivating people with high connections to boost his business.
The bubble burst as depositors failed to get returns and the company declined to give back their deposits.
Sabarinath was arrested in 2008 from Nagercoil in neighbouring Tamil Nadu.
He was granted bail in March 2011 and had been absconding since then.
He surrendered before the First Class Judicial Magistrate court and was remanded to judicial custody.
