Businessman, wife deny cheating investors out of millions


PETALING JAYA: A prominent businessman and his wife denied claims by an MIC leader that they cheated hundreds of investors out of RM2.2 million and have threatened to take legal action against him for the allegations.

In a joint statement, both G Gnanaraja and Geethanjali G said there was no truth in the allegations made by MIC treasurer-general S Vell Paari, stressing that they had never cheated anyone.

“We consider such allegations to be defamatory.”

Earlier today Vell Paari alleged that the duo teamed-up with a forex investment company and promised over 200 investors, including students and pensioners, handsome returns.

He said the duo had directed the forex investment company to pump RM5 million into a charity foundation the couple run and then directed the company to instruct its investors to bank in their money directly to the foundation.

Gnanaraja however explained that the said investment company had appealed for investments to be deposited into the Malaysia Ventures Entrepreneur Foundation without their knowledge or consent.

He also said when he discovered that money had been deposited into the foundation’s account they immediately set out to return the funds and were currently in the midst of identifying who the depositors were.

“Our lawyers also made it clear that Yayasan has the funds and is ready to return the RM2.2 million in full.”

The businessman said he was unsure as to what motivated Vell Paari and former MIC treasurer-general R Ramanan to make such “serious defamatory allegations”.

“We have instructed our lawyers to advise and take the necessary court proceedings.”