Investment fraud: 4 absconding accused held

CHENNAI: Tamil Nadu Police's Economic Offences Wing (EOW) on Friday arrested four persons, accused in an investment fraud case in Namakkal, who were evading arrest for four years.

The arrested persons were identified as Karthik, Kanaga, Arumugam and Prabhakaran.

In December 2019, Namakkal EOW had registered a case under the BUDS (Banning of Unregulated Deposit Schemes) act after a complaint from E Kaliyappan of Kumarapalayam. In his complaint, he stated that he invested Rs 12.6 lakh in a company - "Money deal trading solutions" after those who floated the company promised the investors of higher returns.

But, Kaliyappan received only Rs 6 lakh and the promoters of the company went into hiding after which a complaint was filed.

Subsequent investigations by EOW revealed that the promoters of the company had cheated Rs 6.9 crore from over 160 depositors in the year 2019.

While five persons were arrested then, the four other promoters of the company who went into hiding were arrested by a special team on Friday.

They were produced before the TNPID (Tamil Nadu Protection of Interests of Depositors) Act court in Coimbatore and sent to judicial custody.