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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Police Warrant On Asia Capital Owner - Asian Mirror 20.1.14

Police Warrant On Asia Capital Owner - Asian Mirror 20.1.14

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puliyanam

puliyanam
Manager - Equity Analytics
Manager - Equity Analytics
http://asianmirror.lk/english/index.php/news/18081-police-warrant-on-asia-capital-owner

Police Warrant On Asia Capital Owner - Asian Mirror 20.1.14

Mumbai Police has issued ‘look out notices’ on Vijay Eswaran, international business tycoon of Sri Lankan origin and the biggest shareholder of Asia Capital.

Eswaran is on the Wanted List of the Mumbai Police over his failure to turn up for the questioning in connection with the QNet money scam case in India.

Multi-Level Marketing (MLM) chain QNet is accused by Indian law enforcement authorities of a massive money scam amounting to Rs. 425 crores.

Economic Offences Wing (EOW) of Mumbai Police has also issued notices against six other officials and leaders of QNet, owned by Eswaran.

According to the recently published ‘Richlist’ by journalist Farazs Shaukataley, Vijay Eswaran, is the 12th among stock market billionaires in Sri Lanka with investments amounting to Rs. 3.6 billion.

Eswaran’s grandfather was a Jaffna Tamil who later migrated to Malaysia. His wife is a Sri Lankan citizen who was born and grew up in Colombo.

With his assets all over the world, Eswaran might be the richest businessman to appear on the Sri Lankan Richlist.

Eswaran is the majority shareholder of Asia Capital, the largest investment bank to be listed on the Colombo Stock Exchange. Asia Capital, according to its website, has interests in sectors such as securities, leisure, finance and investment banking.

He was also the owner of Gold Quest, part of Quest International Ltd, which was embroiled in a massive tussle with the Central Bank of Sri Lanka a few years ago, when the latter banned its controversial network marketing schemes.

The Hong Kong Based businessman was previously arrested in Indonesia on an Interpol warrant. A dispute in Manila, Philippines filed by two former partners of the original founding team was escalated to an alleged ‘offence’ leading to an Interpol Red alert listing of four directors. Interpol warrants were issued on two main founders, Vijay Eswaran, who was then Group Managing Director and Joseph ‘Japa’ Bismark, Founding Director in May, 2007. The business tycoon was prosecuted in Philippines and was cleared of all charges by the judiciary of that country.

Indian authorities claim that if Eswaran does respond to ‘look out notices’, Interpol assistance will be sought to reach out to him. (Asian Mirror)

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