Chennai court awards three years' jail for ex-VP of Samsung (South), three others for cheating
According to the prosecution, Narayanan made Hemanth invest in the firm on the promise of enrolling him as a partner and also assured him to pay two per cent interest on his investment.
Picture of arrest used for representational purposes only (File photo).
CHENNAI: A city court in Chennai found a former vice-president of Samsung Electronics India (South) Pvt Ltd and three of his associates guilty of cheating a businessman of Rs 2.6 crore in a case booked by the Central Crime Branch (CCB).
The complainant, GS Hemanth Kumar of Tirupati, Andhra Pradesh, had shut down his electronics dealership and relocated to Chennai, and wanted to invest in a business in the city in 2016. For this, he approached his business associate, VL Narayanan, who was the VP of Samsung Electronics India (South) at that time. Narayanan suggested investing Rs 2.6 crore in a company in which his wife is one of the directors.
According to the prosecution, Narayanan made Hemanth invest in the firm on the promise of enrolling him as a partner and also assured of two per cent interest on his investment. However, after collecting the amount, they decided to share the money among themselves and deceived Hemanth by neither paying the interest nor returning the principal amount.