EOW gets custody of Ponzi firm MD

The Economic Offences Wing (EOW) police, Coimbatore, on Wednesday got three days custody G. Ramesh, managing director of Universal Trading Solutions Pvt Ltd (UTS), that allegedly duped over 1,000 depositors of several crores through Ponzi schemes.

A senior official with EOW said that investigators were interrogating Ramesh in the multi-crore scam, details of which could not be divulged at this stage.

The official said that the bank accounts of the accused have already been frozen.

According to EOW, it registered a case against Ramesh, two directors of the firm and its general manager based on complaints lodged by defrauded investors in 2019. However, Ramesh obtained interim stay from Madras High Court against EOW’s move to arrest him.

Later, the Salem City Police had arrested him in July 2020 for allegedly cheating several investors. The stay order obtained by Ramesh was vacated on February 8 and the EOW, Coimbatore, arrested him on February 26.

In Coimbatore district, UTS is accused of cheating over 1,000 investors of several crores. The firm is also facing cheating complaints from several investors from Kerala.

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Printable version | Apr 19, 2021 7:15:56 PM |

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