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Couple held on cheating charges

Staff Reporter
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The Economic Offences Wing police arrested a couple on the charges of cheating hundreds of depositors and swindling crores of rupees here on Tuesday.

The arrested were K. Sakthivel (33) and his wife S. Sasi Prabha (27) of R.M. Colony in Dindigul.

EOW Inspector Selva Pandian said Kalimuthu, a mill worker of Devinaickenpatti village in Vedasandur block, his wife Gowthami and the arrested couple floated a finance-cum-share broking firm at R.M. Colony and collected deposits from the public, announcing attractive schemes.

Those who deposited Rs.10,000 with the firm were promised Rs.1 lakh after five years. The firm also offered to give gold coins to big investors.

Around 480 investors had reportedly invested more than Rs.5 crore in the firm, police said.

Initially, the firm gave gold coins and the promised interest to the depositors. But they suddenly stopped.

The firm failed to return the deposits demanded by investors.

A few months ago, the firm’s office was closed and the partners absconded, the police said.

Based on the complaints lodged by 87 depositors, a special EOW team arrested the couple and produced them before the Dindigul Court.

They were remanded in 15 days’ judicial custody and lodged in the Madurai Central Prison.

The complainants had deposited Rs.67 lakh with the firm. More and more depositors are filing complaints, the police said.

Earlier in the day, hundreds of depositors thronged the EOW’s office. Mr.Selva Pandian assured them that the police would take stern action against the accused.

The police are searching for Kalimuthu and Gowthami.


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