The Economic Offences Wing (EOW) has arrested three persons associated with Coimbatore-based Universal Trading Solutions Pvt Ltd (UTS) that allegedly duped over 70,000 depositors of several crores through Ponzi schemes.
The arrested have been identified as V. Govindasamy (66) of Ponnanganni near Sulur, his wife G. Lakshmi (56), and Justin Prabhakaran (43) of Karur. Govindasamy and Lakshmi are the parents of Gowtham Ramesh, the managing director of UTS.
The trio was arrested by the special investigation team (SIT) of the EOW that was tasked to investigate complaints against UTS exclusively, under the supervision of V. Ankit Jain, Superintendent of Police, EOW, West Zone.
“The company is alleged to have cheated 73,000 investors from Tamil Nadu, Kerala, Pondicherry and Andhra Pradesh. The three persons were arrested on Thursday and they were sent to judicial remand,” said Deputy Superintendent of Police R. Muruganantham of the SIT. According to him, Prabhakaran ran a franchise of UTS through which several people were defrauded.
The firm’s MD Ramesh surrendered before the special court for the trial of cases registered under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act in Coimbatore in June this year.
