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Tamil Nadu
Gold Quest case: police seize Rs. 3.5 cr
Special Correspondent
CHENNAI: The police on Saturday seized Rs.3.5 crore in cash besides gold coins and incriminating documents from a locker, allegedly belonging to the Gold Quest, in a private bank on TTK Road.
Following complaints from the people of Chennai and other districts in the State, Karnataka and Andhra Pradesh that the company had duped them of several lakh rupees, Commissioner of Police G. Nanchil Kumaran directed the police to investigate. Around 6,000 of the complaints were lodged in the last six days.
Investigating officers registered cases under IPC Section 420 (cheating) and under the Prize, Chit and Money Circulation Scheme (Banning) Act 1978. The police recently arrested a few directors and some senior executives of the company. Based on their confession, special teams formed to investigate the case conducted a search of the locker and seized Rs.3.5 crore and the coins. The officer said that two more lockers would be opened shortly. A special team had been despatched to Bangalore for inquiry, they said.
During the raid on the premises of the company in Chetpet, the police seized gold coins weighing about 80 kg and incriminating documents and sealed the office. Joint Commissioner of Police (North) M. Ravi said that investigations revealed that the accused had collected Rs. 32,500 from each person under the pretext of multi-level-marketing.
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