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Once the Police have completed their investigations, they will refer the case to the Crown Prosecution Service for advice on how to proceed. We will then make a decision on whether a suspect should be charged, and what that charge should be.

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Kautilya Pruthi to face 30 fraud charges

30/07/2010

The Crown Prosecution Service Central Fraud Group has authorised charges against Kautilya Nandan Pruthi in relation to an alleged Ponzi scheme.

He has been charged with:

  • Participating in a fraudulent business contrary to section 9 of the Fraud Act 2006
  • Twenty-two counts of fraud contrary to section 1 of the Fraud Act 2006
  • Five counts of obtaining a money transfer by deception contrary to section 15A of the Theft Act 1968
  • Unauthorised regulated activity contrary to sections 19 and 23 of the Financial Services and Markets Act 2000
  • Concealing, disguising, converting, transferring and removing criminal property contrary to section 327 and 334 of the Proceeds of Crime Act 2002

These charges, which follow an investigation by the City of London Police, relate to Mr Pruthi's activities between 25 August 2005 and 10 June 2009.  The Financial Services Authority has obtained a judgment in the High Court requiring Mr Pruthi and others to pay £115M to investors.

Mr Pruthi will appear at City of London Magistrates' Court on 3 September 2010. He stands charged with serious offences and it is extremely important that nothing should be reported which could prejudice a trial.

Ends

  1. Media enquiries by phone: 020 3357 0906. Out of hours pager: 07699 781926.
  2. The Crown Prosecution Service is the independent authority responsible for prosecuting criminal cases investigated by the police in England and Wales. It is responsible for:
    • Advising the police and reviewing the evidence on cases for possible prosecution
    • Deciding the charge where the decision is to prosecute
    • Preparing cases for court
    • Presenting cases at court
  3. The CPS consists of 42 Areas in total, each headed by a Chief Crown Prosecutor (CCP). These are organised into 14 Groups, plus CPS London, each overseen by Group Chair, a senior CCP. In addition there are four specialised national divisions: the Central Fraud Group, Counter-Terrorism, Organised Crime and Special Crime. A telephone service, CPS Direct, provides out-of-hours advice and decisions to police officers across England and Wales. The CPS employs around 8,250 people and prosecuted 1,032,598 cases with an overall conviction rate of 86.6% in 2008-2009. Further information can be found on our website.

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