Over 1.5K file petitions against fraudulent Kovai company
Based on complaints, the EOW police arrested the firm’s managing director G Ramesh and froze Rs 102 crore worth properties and bank deposits
Petitioners who have gathered at the camp
COIMBATORE: More than 1,500 persons from across Tamil Nadu, Puducherry and neighbouring Kerala poured in to file complaints against fraudulent firm Universal Trading Solutions (UTS) for duping them of 1,103 crore.
The depositors turned up to lodge complaints in a ‘petition mela’ organised by the economic offences wing (EOW) police in Coimbatore on Tuesday. Based on complaints, the EOW police arrested the firm’s managing director G Ramesh and froze Rs 102 crore worth properties and bank deposits. Six others who were involved in the fraud were also arrested and booked under sections 406 for criminal breach of trust, 420 for cheating, 120 (B) for criminal conspiracy and 5 of TNPID Act and section 21 of Banning of Unregulated Deposit Scheme Ordinance Act, 2019.
On Tuesday, a police team led by EOW SP Jose Thangaiah received petitions from people from 10 am to 6pm. “During a search at the UTS office, documentary evidence revealed that the firm has collected deposits from a total of 76,596 persons. The investors were duped of Rs 1103.91 crore. A total of 1,506 petitions have been received till evening and affected persons can continue to file complaints,” said Thangaiah.
