65-year-old man arrested for duping investors to the tune of Rs. 4 crore
PUDUCHERRY, APRIL 06, 2019 00:00 IST
The Crime Branch-Criminal Investigation Department (CB-CID) on Friday arrested a 65-year-old man for allegedly duping investors to the tune of Rs. 4 crore.
Speaking to reporters here, Senior Superintendent of Police (C&I) Mahesh Kumar Barnwal said, the accused M. Thiyagarajan of Otteri in Vellore district was running a chit fund agency Royal Agro and Dairy Pvt Ltd at Jawaharlal Nehru Street here.
Chit fund bait
Thiyagarajan had lured people to invest in the chit fund schemes of his firm promising them attractive returns. Around 1,000 people had deposited money with him. However, he avoided repayment.
Mr. Barnwal said that one S. Tamilselvan of Velrampet, who had invested Rs. 11.18 lakh as fixed deposit lodged a complaint with the CB-CID police on April 4 that he was cheated by the firm.
A special police team led by Sub-Inspector Jerome Jesmond arrested the accused in Vellore.
Preliminary investigations by the police revealed that Thiyagarajan had duped over 1,000 investors to the tune of Rs. 4 crore in Puducherry.
The Economic Offences Wing (EOW) of the Tamil Nadu Police had also registered a case against him and properties valued at Rs. 38 crore were frozen by the police.
A case has been registered and further investigations are on. Superintendent of Police (CID) N. Selvam was also present.
PUDUCHERRY, APRIL 06, 2019 00:00 IST
The Crime Branch-Criminal Investigation Department (CB-CID) on Friday arrested a 65-year-old man for allegedly duping investors to the tune of Rs. 4 crore.
Speaking to reporters here, Senior Superintendent of Police (C&I) Mahesh Kumar Barnwal said, the accused M. Thiyagarajan of Otteri in Vellore district was running a chit fund agency Royal Agro and Dairy Pvt Ltd at Jawaharlal Nehru Street here.
Chit fund bait
Thiyagarajan had lured people to invest in the chit fund schemes of his firm promising them attractive returns. Around 1,000 people had deposited money with him. However, he avoided repayment.
Mr. Barnwal said that one S. Tamilselvan of Velrampet, who had invested Rs. 11.18 lakh as fixed deposit lodged a complaint with the CB-CID police on April 4 that he was cheated by the firm.
A special police team led by Sub-Inspector Jerome Jesmond arrested the accused in Vellore.
Preliminary investigations by the police revealed that Thiyagarajan had duped over 1,000 investors to the tune of Rs. 4 crore in Puducherry.
The Economic Offences Wing (EOW) of the Tamil Nadu Police had also registered a case against him and properties valued at Rs. 38 crore were frozen by the police.
A case has been registered and further investigations are on. Superintendent of Police (CID) N. Selvam was also present.
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