The Economic Offences Wing (EOW) of Tamil Nadu Police on Sunday arrested three persons for allegedly cheating depositors after promising them high returns.
Amro Kings was incorporated as a firm manufacturing beverages in 2019 with its office in Kodambakkam. Rajarajan was its chairman and managing director while Muthulakshmi Rajarajan and Ranjithkumar Purushothaman were its directors.
The police said the three started a fictitious firms as subsidiaries of Amro Kings Ltd. and offered 10% returns on the investment made by depositors every month besides returning the principal after 22 months. They collected money from 71 investors.
On a complaint from Santhakumar that the company failed to pay any interest or refund the principal as promised, the Economic Offenses Wing registered a case of cheating.
The police conducted searches in the houses and offices of the arrested persons in Chennai and Kancheepuram and recovered ₹10,000, gold jewellery, silver articles, a car, a two-wheeler and documents. The arrested were remanded in judicial custody.
The police said the arrested persons collected ₹161 crore from 3,000 people and defaulted on payment of ₹40 crore as per their confession.
