Aarudhra scam: Red corner notices, look-out circulars issued

Complaints have been received that the company has not paid capital and interest to the tune of ₹2,348 crore to about one lakh investors

Published - April 20, 2023 11:04 pm IST - CHENNAI

Red corner notices and look-out circulars have been issued against managing directors of Aarudhra Gold Trading Private Limited Rajasekar and Usha Rajasekar, following complaints that the company has not paid capital and interest to the tune of ₹2,348 crore to about one lakh investors, Chief Minister M.K. Stalin said in the Assembly on Thursday.

A total of 22 individuals have been identified as accused in connection with the case by the Economic Offences Wing and 11 persons have been arrested so far, Mr. Stalin said while responding to concerns raised by CPI’s T. Ramachandran (Thalli) in the House. Funds to the tune of ₹96 crore from bank accounts and 93 immovable properties have been frozen, he said.

A chargesheet is about to be filed in this case soon, Mr. Stalin said. The DMK government has been taking action against finance companies including Hijau, IFS, Elfin, CVRS Chits, Rahat, “as they too were involved in financial fraud”, he said and added that he has instructed the police to arrest the accused persons, freeze their properties and bank accounts and return money to the investors.

During his speech in the debate on the demand for grants for the police department, Congress floor leader K. Selvaperunthagai (Sriperumbudur) said that there was “political background” in the Aarudhra scam and called upon the DMK government to name those behind the scam.

On another occasion, Mr. Selvaperunthagai made some remarks which were strongly objected to by the AIADMK. The Congress charged that the BJP staged a walkout when the DMK brought about a resolution for the welfare of Dalit Christians and that “some party” boycotted when Minister for Adi Dravidar Welfare gave her reply in the House.

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