NY Plaza Owner Arrested Over Questions of Fraud

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Mar. 3 (Bloomberg) –- Bloomberg’s Sunanda Jayaseelan reports on the arrest of Indian Financier Subrata Roy who’s accused of failing to refund depositors. She speaks to John Dawson on Bloomberg Television’s “On The Move Asia.” (Source: Bloomberg)

Let's get background to this case.

What is this about -- why has he been arrested?

It is really about $2.9 billion which he owes to investors.

He operates as someone who is aggregating money from small investors.

The regulatory body here in india says that he has not refunded the demand that he has taken from investors, which has clearly been done illegally.

Where he claims that it has all been refunded.

But the entire story is very industry -- very interesting.

On tuesday, the supreme court said it had been patient enough with him.

It issued an arrest warrant.

When the police went to his house, they could not find him.

On thursday, instead of making an appearance in the supreme court, he had a full page advertisement saying that he is not of squandering.

-- is not absconding.

He owns the new york plaza hotel here.

He also owns properties in london.

He owns nearly 120 companies which have all been built on this model of collecting and

This text has been automatically generated. It may not be 100% accurate.

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