Gowtham Ramesh (33), managing director of Coimbatore-based Universal Trading Solutions Pvt Ltd (UTS) that allegedly duped over 1,000 depositors of several crores through Ponzi schemes, has surrendered before a court here.
Sources with the Economic Offences Wing (EOW) of the police said Ramesh failed to comply with bail conditions and he surrendered before the special court for the trial of cases registered under the Tamil Nadu Protection of Interests of Depositors (TNPID) Act on Tuesday. He was remanded in judicial custody.
According to the EOW, the Salem City Police arrested Ramesh, who hails from Ponnanganni village near Sulur, in a cheating case in 2020 and he was lodged in Salem Central Prison in judicial remand. The EOW Coimbatore arrested him on February 26, 2021, after the Madras High Court vacated a stay which he had obtained for not proceeding with legal action against him in a cheating case registered in 2019. He was granted conditional bail on January 17, 2022 after spending judicial remand for 11 months.
The EOW officials said Ramesh failed to sign at the Sulthanpet police station as per the bail conditions, following which the TNPID court issued a non-bailable warrant against him in June 2022. Though Ramesh approached the Supreme Court praying to cancel the arrest warrant against him, the apex court directed him to surrender before the TNPID court. He surrendered before the court on Tuesday.
