Two arrested for cheating depositors of ₹ 90 crore

The city police arrested two persons on charges of cheating 9,000 depositors to the tune of ₹ 90 crore here on Wednesday. Search is on for one more person.

According to police, the firm ‘Just Win IT Technology India Private Limited’ was functioning from a building opposite the new bus stand from February 2019 with A. Balasubramaniam as its managing director, his son B. Vinothkumar as joint director, and T. Subramanian as administrative director. They lured people into depositing ₹ 1 lakh each, promising them a returns of ₹ 18,000 per month for 12 months.

S. Siva of Chinna Tirupathi deposited ₹ 1 lakh on April 4, 2019. The three told Siva that he would be given commission if he referred his friends. He referred 80 persons who deposited ₹ 1 lakh each in the company. But the company refused to give returns or his commission.

Siva lodged a complaint with the City Crime Bureau, who registered a case under Sections 420 IPC and Section 4 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The police picked up Balasubramaniam and Subramanian of Omalur. Inquiries revealed that they had collected ₹ 1 lakh each from 9,000 depositors and had cheated them. They were arrested and produced in the court and lodged in prison. Search is on for Vinothkumar.

City Police Commissioner T. Senthil Kumar asked people not to go behind such promises of higher returns and deposit with unregistered companies and get cheated. He warned that cheaters would be detained under the Goondas Act.

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Printable version | Apr 13, 2021 10:13:42 AM |

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