One more arrested by EOW in Aarudhra gold cheating case

CHENNAI: Economic Offences Wing (EOW) - CID of Tamil Nadu police on Friday arrested one more person in the Aarudhra gold trading cheating case. Police have frozen Rs 1.4 crore in his bank account.

The arrested person was identified as S Russo (20) of Sevilimedu near Kancheepuram. EOW-CID had registered a case against the directors of Aarudhra gold trading firm, through which the persons involved had swindled about Rs 2,438 crores promising huge interest on their investments. More than a lakh depositors were cheated, police said.

The EOW-CID police had registered a case under Section 420 (cheating), 406 (criminal breach of trust), 409, 120 (B) (criminal conspiracy) and Sections 3 and 5 of Banning of Unregulated Deposit Schemes Act, 2019, Section 58-B of RBI Act, 1934 and Section 5 of TNPID Act, 1997 on May 20, 2022.

The arrested Rooso was produced before a magistrate court in the city and remanded in jail. EOW-CID police had earlier arrested six suspects last week- Baskar, Mohanbabu, Pattabiram, Petchi Muthuraj alias Rafeeque, Iyyappan, and Senthil Kumar.

Three financial institutions in Tamil Nadu are under the scanner of Economic Offences Wing (EOW) who have cheated public to the tune of Rs 8,625 crores by promising exorbitant interest rates on their deposits. Look out notices have been issued to ensure that the directors of the company do not flee the country, EOW officials said.