Sabarinath, perhaps the youngest financial fraudster Kerala has ever seen and the infamous hero of the sensational ‘Total 4 You’ fraud of the State capital of 2008, surrendered before a court in Thiruvananthapuram on Monday after spending about three years in hiding. He is said to have amassed over Rs 40 crore in the form of investments from hundreds of people.
Accused in 32 cases of financial fraud and another of sexual abuse, Sabarinath, now 24, surrendered before the Judicial Magistrate Court 5 of Thiruvananthapuram on Monday afternoon clad in saffron dress saying that he had been on a long pilgrimage to the Himalayas and temple towns like Thiruvannamalai in Tamil Nadu.
“I went into hiding then as I was under a great deal of tension,” Sabarinath told mediaperson about his decision to go into hiding after getting bail three years ago. “My life was under threat. Now I have faith. I believe that God will give me strength. I have come back with the decision to fight the charges against me legally and I will settle my debts,” he said.
Sabarinath said that he could return the money of the victims of his fraudulent business once he could sell his assets which were presently under the control of a Government-appointed Receiver. He rejected the reports that several of his business associates were well-placed men and that he was in contact with such persons while in hiding.
The young fraudster prayed to the court to send him — if he was remanded — to a central prison and not to a district jail as he still faced threats. The court remanded Sabarinath in judicial custody till May 5 and sent him to the district jail saying that his plea could be considered when it took up the case again on that day.
The young man was accused of collecting several crores of rupees as investments from hundreds of people promising quick returns of unimaginable volumes through the fraudulent business he was running at the age of 18 years through his companies like ‘Total 4 You’ and ‘Total Invest’. He had even promised to return Rs 1,30,000 for a three-month investment of Rs 1,00,000.
The business had made Sabarinath, the unimpressive boy with just Plus II qualification, a star at gatherings of socialites in the State capital in a short time. His businesses were so ‘famous’ that even well-known PSU executives and bank managers of Thiruvananthapuram had worked for him as associates and field agents. Sabarinath was known for his craze for luxury cars and lavish lifestyle by hosting parties where leading film stars were present as guests and presenters.