Top Indian businessman surrenders in fraud case

NEW DELHI—A top Indian businessman has surrendered to police after failing to show up in court on charges that his company failed to return billions of dollars to investors.

The Indian Supreme Court issued an arrest warrant for Sahara India Chief Subrata Roy after he was a no-show in court Tuesday.

Sahara is well-known throughout India because it sponsors the Indian cricket team.

Roy turned himself in on Friday in Lucknow and said he missed the court date because his mother was ill, according to his son and a company director.

The Indian securities regulator has accused Roy’s group of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal.

Sahara India says it already has paid many investors directly.