Private firm directors held for cheating investors

The Economic Offences Wing (EOW) police have arrested two directors of a private firm for allegedly cheating investors to the tune of several crores of rupees after failing to return the investment with the sum assured.

Sources in EOW said, that Nagercoil-based Unique Asset Promoters and Estates India Limited received investments from the public with the promise that the investors would get back attractive sum for their investments with high interest. Investors who paid ₹1,000 a month for five years, were promised ₹96,000 or residential plots equivalent to the returns.

Believing it, more than 500 persons from Kanniyakumari, Vellore, Thiruvannamalai, Kancheepuram and Ramanathapuram districts invested to the tune of several crores of rupees. However, the promoters of the firm closed down the operations in mid-2019.

When one of the investors Vasanthakumar of Nagercoil lodged a complaint with the EOW recently, the fraud came to light, the police said, who arrested directors of the firm T. Edwin Sudhakaran and T. Jaya Sashidharan and remanded them in judicial custody on Thursday night.

The hunt is on to arrest Syed Ali, managing director of the firm, another director Ramesh and the agents who collected the money from the public.

Source: Read Full Article