Persons, who were collectively cheated of several crore in a financial fraud case pertaining to sale of land by a defunct real estate company identified as Elfin E-Com Private Limited, headquartered at Mannarpuram, have announced to formally establish an association and retrieve their money back.
The office-bearers of Annai Maniyammaiyar Mudhalitaalargal Nala Sangam told reporters here on Saturday that the association aims to intensify its moves with the government in an integrated approach by bringing all the victims together and to seek justice.
“We also want to create awareness of such fraudsters and the functioning of the Economic Offences Wing,” said N. Ebhan Ponraj, its president.
He alleged that hundreds of people from across the State, from Kerala, Karnataka and even the Andamans have been cheated by the firm and gave a detailed account of the modus operandi of the scam that occurred between 2017 and 2021.
Mr. Ponraj said that the real estate company had followed a “multi-level marketing strategy” which motivated and attracted investors to act as agents and bring in more innocents to buy land at various pockets in the State by paying money in “instalment.”
People have been deceived of money from ₹3,000 to ₹20 lakh and finally told that the money would be returned but the firm did not do so till date, he added.
“A cheating case against Raja and his brother S. Ramesh, both directors of the firm, was registered at the Tiruchi City Crime Branch in August 2021,” D. Usha, association secretary, said.
Victims across the State filed complaints with various City Crime Branches and District Crime Branches who were deceived by the same person through various firms owned by him.
Cases were registered under IPC sections, including 417 (cheating), 420 (cheating and dishonestly inducing delivery of property) and 506 (i) (criminal intimidation) among others.
Subsequently, the Madurai Bench of the Madras High Court intervened and a committee was constituted to look into the issue but dissolved later.
Later, the case was transferred to the EOW, the members stated.
Though Mr. Raja was behind bars currently, the investors demanded authorities to arrest everyone involved in the administration of the company. They also urged the police officers to post new teams in the Economic Offences Wing (EOW) to investigate the crime and for the authorities to take concrete steps in retrieving their money.
Retired judges, police officers, and social activists would take part in the inauguration of the association in Tiruchi on Sunday.
