Rs 6,000 cr fraud: Docus, luxury cars seized from suspects

CHENNAI: Tamil Nadu Economic Offence Wing on Friday said that it had seized a number of property documents, five vehicles, including three luxury cars and CPU, from three suspects involved in the Rs 6,000 crore fraud by running Vellore based International Finance Services after collecting investments from over 1 lakh depositors promising high returns. A press release from the EOW said that three accused –Saravanakumar, Jagannathan and Kuppuraj - were taken into police custody and were interrogated. During the course of an enquiry, based on the confessions of the accused, documents and vehicles were seized. As many as 10 registered property documents and 4 unregistered documents, 1 CPU, 1 PC, one cheque book, one Audi car and one Toyota Innova were seized from Saravanan. From Jagannathan, the sleuths had seized a Benz car and a Maruti Ertiga, while a Volvo car was seized from Kuppuraj. EOW has said that the firm operates like Ponzi scheme. Depositors are lured in through events held at luxury hotels.They initially pay a section of investors and use them to bring in more investors. The EOW is currently also probing similar cheating by Aarudhra Gold Trading and Elfin e-com. The three firms together had allegedly duped over 2 lakh investors and had committed a total fraud to the tuneof Rs.8625 crore, police said.