4 held for duping investors of 5 cr through online trading firm
The fraudulent firm was floated by Bagyalakshmi, her daughter Nagarathinam from Lawley Road, son Manikandan, and his wife Radha in RS Puram in 2018. They had lured several persons from across Coimbatore and Tirupur to invest money for assured returns.
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COIMBATORE: The Coimbatore crime branch police on Friday arrested a family of four persons for duping investors of several crores through a fraudulent online trading firm.
The fraudulent firm was floated by Bagyalakshmi, her daughter Nagarathinam from Lawley Road, son Manikandan, and his wife Radha in RS Puram in 2018. They had lured several persons from across Coimbatore and Tirupur to invest money for assured returns.
The firm promised an attractive interest rate of eight per cent for deposits. After paying the promised interest rate, the firm suddenly reduced the interest rate to six percent from November last year. In a further blow, the firm stopped paying interest to depositors from March this year.
When depositors sought an explanation, the firm owners remained evasive. More than 20 depositors, who have lodged a complaint, claimed that they were duped a total of Rs five crore.
Based on their complaint, the police arrested the four persons. A police official, privy to the investigation, said so far more than 25 persons have submitted petitions for duping them of over Rs five crore.
“As more than 500 persons are likely to have invested of upto Rs 180 crore, we expect more petitioners in the coming days. Further inquiries are underway,” the official said.
