Lawyer Throws Ink At Tycoon Accused Of Fraud

A lawyer threw black ink at an Indian tycoon accused of multibillion-dollar fraud on Tuesday. While he threw the ink, he screamed, “He has cheated and robbed us!”

According to MSN Money, Tycoon Subrata Roy, who is the head of the Sahara India conglomerate, was entering the Supreme Court building in New Delhi with scores of police and security guards when the lawyer threw ink at him. He was blackened in the face, primarily his forehead, and the side of his head. The lawyer was identified, by Indian Television channels, to be Manoj Sharma. After the attack, he was detained by police and led off the premises.

According to more info on Fox News, India’s securities regulator accused Sahara India of raising nearly 200 billion rupees, which is equal to $3.2 billion, through bonds, that were later discovered to be illegal. The company was ordered to return billions of dollars to investors. Sahara India says its liability was much less than that of Roy, and they’ve already repaid many investors directly.

Pertaining to Roy’s treatment in custody, many of the victims of the fraud – mostly millions of poor Indians who lost their life savings – are upset by his pampered treatment in custody. His jail cell was a plush forest guesthouse since his arrest. When traveling to New Delhi for the court hearing, he was in a luxury sedan, escorted by half a dozen police cars.

It also seems Roy is not taking his court seriously either. He was arrested last week after missing a court date, saying his mother was ill. He surrendered to police on Friday and apologized to the court on Tuesday for his absence. The conclusion of Tuesday’s hearing included Subrata, and two other directors of the company, be sent to jail until further orders from the court. There were also orders towards the lawyers for Sahara India to come up with a proposal for how it would pay back the rest of the investors who still haven’t been compensated.

The large conglomerate is well-known in India because of their two sponsorships with an Indian hockey team and Indian cricket team. They are also co-owners of a Formula One team. They also have major real estate holdings, such as the Plaza Hotel in New York City, and interests in many dynamic fields, such as finance and media.

The next court day scheduled for Subrata Roy will be this coming Tuesday, March 11.