The Economic Offences Wing police are stepping up vigil on the alleged beneficiaries, especially agents who brought in high-end investments to the defunct Fine Futures, an online multi-level marketing firm.
Senthilkumar and Vivek of Peelamedu promoted a firm offering high return on investments in 2009. The firm ran into trouble after investors complained of failure on the part of the firm in paying them the return on investments and even the capital invested.
Thousands of complaints preferred with the District Crime Branch indicated that the scam would run into over Rs. 800 crore.
The police, based on High Court directive, sealed the two residential premises of the promoters and also froze 14 bank accounts of both of them besides searching their lockers.
Officials also seized a luxury car and documents relating to immovable properties belonging to the promoters.
The case was subsequently transferred to the Economic Offences Wing and the sleuths of the EOW secured the duo from a house in Palavakkam area in Chennai and seized several lakh rupees and kilograms of gold and diamond jewellery.
The teams on Saturday handed over the recovered property to the District Revenue Officer for safe custody.
Meanwhile, the special teams questioning the duo and a brother of one of them, Nithyanandam, have taken a list of people who were benefited by the promoters of the firm including a list of agents who brought in investments into the firm especially the 80-odd agents who brought in high-end investments and reaped commission and other monetary benefits for the same.
Investigations are also focusing on the conferences of agents held by the firm in various star hotels in the four southern states besides overseas travel extended to the agents including the meetings held on board cruise liners.
Investigation
Investigation in the coming days will focus on unearthing information relating to parking of funds by the promoters and their agents and also the assets bought by the agents during the period 2009-2013 using the money earned out of the defunct firm, sources said.
The nine-day custody of the accused is to end on March 15.
