The police on Wednesday formed two special teams to arrest the two persons who had allegedly cheated investors to the tune of ₹1.3 crore, and 228 sovereign gold jewellery in Erode.
Based on complaints lodged by over 50 women, the Anthiyur police have registered a case against Karunamoorthy of Appakudal and his friend Lakshmanan of Chinnathambi Palayam in Anthiyur. The two were working as loan recovery agents in a private bank. Promising high interest rate, they had collected ₹1,03,70,000 from many people. The people had also pledged their gold jewellery with the two. While the two accused gave the promised interest to the people for a few months, they stopped giving it in the last one year. Though the investors tried to contact them over phone, their mobile phones remained switched off and their houses were locked. Realising that they were cheated, the investors lodged complaints with the police.
The police said that they were receiving complaints from duped investors, and only after they nab the accused, the number of cheated investors would be known.
