Salem police arrest couple for cheating public of crores of rupees

The city police on Friday arrested a couple who promised to provide high interest and cheated the public of crores of rupees.

According to the police, Balasubramani (55) of Salem, who runs a finance company at the New Bus Stand, promised to provide ₹18,000 interest per month for a deposit of ₹ 1 lakh. Thousands of people deposited their money in the company in the past four years. The company also had its branches in Dharmapuri, Krishnagiri, Namakkal, and Vellore districts and collected money from the public. But it did not give the interest as promised.

Last week, some depositors from Vellore district came to Salem and demanded their money from Balasubramani. In the melee, he managed to flee and abscond. Kaveriappan of Kadayampatti lodged a complaint with the Alagapuram police that Balasubramani and his family members threatened him when he sought his money back.

The police registered a case and found that the company had collected crores of rupees from around 6,000 depositors. A special team nabbed Balasubramani and his wife Dhanalakshmi in Chennai on Friday. The police are on the lookout for their son Vinoth and son-in-law Kathirvel and others who are involved in this cheating.