Economic Offences Wing police on Thursday registered a case against four persons running finance firms and cheating investors from 2008 to 2014. Deputy Superintendent of Police C. Thambidurai said that they had received complaints from 16 persons in four days claiming that they were cheated to the tune of Rs. 58.77 lakh.
Preliminary inquiry revealed that the accused could have cheated about 100 persons to the tune of Rs. 2 crore. The accused were identified as P.S. Kalaimani (55), his father R. Palanisamy Gounder (75), and friend T. Saminathan of Vellakoil, Tirupur district, and Kalaimani’s uncle R. Sivasubramanian of Kangeyam in Tirupur district.
Mr. Thambidurai said that the accused were operating five finance firms at Vellakoil. They assured depositors an attractive interest of 1.5 to 3 per cent a month (18 to 36 per cent per annum) for their investment. It is learnt that most of the investors were relatives and neighbours of the accused.
They did not press for the return with hope of getting more interest for their money.
The police said that the issue came to light after investor P. Durainachimuthu (60) of Velliyanai in Karur district and a few others lodged the first complaint with the EOW here.
The accused were booked under sections 120 B (criminal conspiracy), 406 (criminal breach of trust) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code and section 5 of The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act. Meanwhile, the police have written to the District Registrar of Tirupur to identify the properties owned by the accused and are taking efforts to attach properties owned by them.
