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Lankan family owes millions to depositors; arrested in TN for illegal entry
View(s):A Sri Lankan family of three including a 10-year-old child were taken into custody by Indian Coastguard officials at Vedaranyam in India on Friday. The trio was taking an illegal passage from the northern coast of Sri Lanka.
The husband and wife had been identified as Shihab Sheriff and his wife Fathima Farsana Markaar. They held senior posts in an investment company that was currently defunct, with depositors demanding back the millions of rupees they had invested.
During the preliminary investigations, the couple told the Indian authorities they fled the country due to business losses.
The company which had attracted millions of rupees on the basis that it was operating with Sharia compliant trading purposes, had suffered a total loss of Rs. 1.2 billion worth of deposits from customers.