Tamil Nadu businessman’s Rs 25,000 crore US bonds fake

The finance ministry officials have found the US treasury bonds — valued at around Rs 25,000 crore — possessed by a Tamil Nadu-based trader to be fake. Now, he is under the scanner for making frequent trips to Myanmar. 

Sources said the Tirupur businessman TM Ramalingam had travelled several times toMyanmar in the recent past and officials are trying to find out his interest in the neighbouring country. 

In the preliminary inquiry, Ramalingam has only said that he had received these bond papers from a Brazilian national. Five US treasury bonds worth $1 billion each was recovered from him by the Income Tax officials. The US authorities had earlier stated that they don't issue such large value treasury bonds. 

The businessman had told I-T officials investigating the case that he had exchanged these papers with the Brazilian against gold bonds. However, it could not be ascertained whether he possessed any gold bonds. 

After a tip-off from the financial intelligence unit (FIU) here, the I-T authorities searched the premises of Ramalingam on December 31, and recovered the fake treasury bonds. 

The businessman has already been questioned extensively on his frequent trips to Myanmar, but he has not given any specific reason to corroborate his statements. 

Though a number of people from Tamil Nadu, settled in Myanmar for long, are engaged in petty commercial activities, authorities are yet to establish any connection with Ramalingam's visit there. 

He may be called for further questioning next week, sources said. (TNN)