Tags: lawyer | throws | ink | fraud | india

Lawyer Throws Ink at Tycoon for Alleged Billion-Dollar Fraud in India

By Michael Mullins   |   Wednesday, 05 Mar 2014 06:53 AM

An assailant who was identified as a lawyer threw ink at an Indian business tycoon's face Tuesday, yelling "he cheated and robbed us!" as he entered the nation's highest court for an alleged multibillion-dollar fraud scheme.

Subrata Roy, the 65-year-old tycoon who founded the Indian conglomerate Sahara India Pariwar, dripped with ink as he made his way through a crowd of security personnel, reporters, and protesters to enter the courthouse. The assailant, who was identified by Indian television channels as Manoj Sharma, an attorney for the Indian city of Gwalior, was immediately apprehended by police at the scene, the New Indian Express reported.

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"I threw ink at Subrata Roy as he is a thief and has robbed the poor," Sharma reportedly shouted as police took him away.

Roy's company is accused by India's securities regulator of raising nearly 200 billion rupees, equivalent to approximately $3.2 billion, through bonds that were found to be illegal, The Associated Press reported. Anger against Roy has mounting as millions of poor Indians are coming to terms with the fact that they lost their entire life savings to the fraudulent bonds.

Prior to the scandal, the Sahara India Pariwar company had been held to high esteem, as it is a co-owner of a Formula One team and up until recently had sponsored the Indian cricket team.

Roy was arrested by Indian authorities on Feb. 28 after failing to appear in court two days earlier, the New Indian Express reported.

Roy subsequently apologized for his absence and promised that his company would be able to pay the outstanding debt from the bonds if given the opportunity by the courts. According to his lawyers, Roy was unable to attend the trial because he had been caring for his ailing 92-year-old mother, NDTV.com reported.

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