Prabhakar denies involvement with chit-fund company

Former Indian all-rounder Manoj Prabhakar on Monday denied that he was in any way involved with the Uttar Pradesh based non-banking finance company which is accused of duping investors to the tunes of crores of rupees.

The beleagured cricketer, who had been untraceable ever since the UP police issued arrest warrant against him late last month, told reporters that the NBFC Apace India had procured the marketing rights of the products of his cosmetics company which he had established about five years ago.

"My relationship with Apace was on company to company basis. My association with Apace has been misunderstood," he said, adding he was not involved with the company in any other way.

The cricketer, already smarting under a five-year ban from playing international cricket for allegedly hob-nobbing with bookmakers, said he had cancelled the marketing rights given to Apace in April 1999.

Prabhakar, flanked by his counsel Vinod Shahi and Anil Pratap Singh, however, admitted that he had accompanied Apace officials to several places in Uttaranchal during the launch of his company's herbal products and had even played for the Apace cricket team.

On being asked about his signatures on the receipts issued by Apace, he claimed he had signed those against purchase of his own company's products at some places. In fact, he said, he had invested about Rs 25 lakh in Apace and was now trying to recover his money.

A district court in Haldwani (Uttaranchal) had issued non-bailable warrants against Prabhakar who later obtained stay against the lower court order from the Uttaranchal High Court.