V. Sundaram, managing director of Siri Gold Farms and Estates, was arrested by the Kavali police here on Monday on charges of defrauding depositors in Andhra Pradesh, Karnataka and Tamil Nadu.
Police arrested Sundaram when he was visiting Kavali town in connection with the registration of a property. Kavali DSP B. Venkateswara Rao confirmed the arrest.
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Siri Gold, which is involved in real estate business and agriculture, has been facing cases at various police stations in the three States, with the depositors alleging non-refund of deposits.
According to police, Siri Gold is said to have mobilised deposits to the tune of Rs. 100 crore since 2009.
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