Officials of Economic Offences Wing (EOW) – Vellore arrested three persons on charges of cheating and defaulting depositors to the tune of 1.7 ($3.4 million) crore near Arni in Tiruvannamalai in India.
The defaulters – I Ravindran (55), his wife R Indhumathi (47) and son R Vignesh (27) – were arrested at Perumbakkam in the city on Tuesday by an EOW team led by Deputy Superintendent of Police S Navaneethakrishnan, along with Inspector B Senthil Kumar, based on a tip-off.
According to an EOW official, “The defaulters started a financial firm under the name ‘All Shine Agro farm India Ltd’ at Arni in 2010. They advertised four capital investment schemes – three-and-half-year, five-and-half-year, six and six-and-half-year – to public through pamphlets distribution. Nearly 1,500 investors were drawn to the scheme, and made deposits to the tune of 2.98 ($6 million) crore.”
Of 2.98 crore ($6 million), only 1.3 ($2.6 million) crore was allegedly returned to the depositors. The accused then closed down the firm in 2018, and absconded to Chennai, without repayment of deposits and interests. The defaulters bought properties, and spent the deposited money lavishly, the official said.
Based on a complaint lodged by Anbu, a resident of Jolarpet in Vellore, a case was filed by EOW Vellore.
On Tuesday, the three were arrested and produced before a special court under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act, in Chennai.
They were arrested under section 420 (cheating and dishonestly inducing delivery of property), section 406 (punishment for criminal breach of trust), and section 120 b (whoever is a party to a criminal conspiracy) of Indian Penal Code (IPC), and section 5 of TNPID Act,” the EOW official added.
Before the arrest, the alleged defaulters, residents of Rathinam Nagar at Perumbakkam in Chennai, had absconded for over six months.
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Source: New Indian Express