The Economic Offences Wing (EOW) police, Madurai, would shortly take over the investigation into the allegations of cheating by a private finance company, from the Central crime branch police.
Reliable sources said that the Director General of Police Letika Saran had approved the recommendations from Commissioner of Police, Madurai city, in this connection.
Following complaints from over 4,000 investors that their investments with the company - paramount marketing corporation (Madurai) - had not been duly returned which were promised with “high returns,” the police had registered cases under various IPC Sections including cheating.
A senior CCB officer investigating into the complaints said that the money to be settled to the investors may be anywhere above Rs 200 crore.
The Central Crime Branch (CCB) police, Madurai city, would handover all relevant documents to the EOW police, he added.
About six months ago, half-a-dozen private finance and online companies, in various parts of the city using the concept of multi-level marketing, had allegedly siphoned off huge sums from small investors.
Based on complaints from public numbering over 12,000, the CCB police had then registered cases against Jeyams Reals and Games. The company, which had promised attractive returns to investors, could not keep up its commitment, police said. Further, the company run by one Ashok Kumar alleged that a DMK functionary ‘Attack’ Pandi demanded huge sums and kidnapped him. Teppakulam police had registered a case of kidnap. After rescuing Ashok Kumar, the police also seized over Rs 1.50 crore from the DMK functionary and deposited it with the bank.
Like the transfer of Paramount Marketing Corporation, the police are expecting similar orders from the DGP’s office for transfer of investigation of Jeyams Reals and Games also to the EOW, which may enable the investigators to speed up the probe and settle dues to the investors, police added.
