According to Police, Krishnamoorthy, who was running a financial firm called LG Marketing in Nava India had duped 44 investors to the tune of Rs 8 crore. The police have also frozen Rs 5.3 lakh cash that he had kept in various banks.
Coimbatore: Following the arrest of Krishnamurthy, owner of private financial firm LG Marketing in Nava India by the City Crime Branch police a few days back, a raid was conducted at Krishnamurthy's house in Saravanampatti and incriminating documents related to the investment racket case were seized.
Krishnamurthy, who had duped about 44 investors and swindled money to the tune of Rs.8 crore was arrested a few days ago by the Crime Branch sleuths. The police also took him under police custody and interrogated him.
During investigation, it was found that he had duped a total of 44 people to the tune of Rs 8 crore. The police also froze his bank accounts, which had Rs.5.3 lakh in cash.
Krishnamoorthy, a native of Saravanampatti, was running a finance company called LG Marketing in New India, Peelamedu.
He had been receiving investments from investors on the pretext of giving high returns with high interest rates.
Accordingly, Krishnamoorthy approached Rajagopal, who had retired as a Manager in a Pioneer bank in Tiruppur district, and lured him to invest his money.
A new digital account was also started so that cash transactions can be checked.
Believing this, Rajagopal investeted a total of Rs 27 lakh only to lose all his money.
In a similar fashion, many investors from many places including Chennai were duped and their money swindled by the bogus operator.
Krishnamurthy, who had duped about 44 investors and swindled money to the tune of Rs.8 crore was arrested a few days ago by the Crime Branch sleuths. The police also took him under police custody and interrogated him.
During investigation, it was found that he had duped a total of 44 people to the tune of Rs 8 crore. The police also froze his bank accounts, which had Rs.5.3 lakh in cash.
Krishnamoorthy, a native of Saravanampatti, was running a finance company called LG Marketing in New India, Peelamedu.
He had been receiving investments from investors on the pretext of giving high returns with high interest rates.
Accordingly, Krishnamoorthy approached Rajagopal, who had retired as a Manager in a Pioneer bank in Tiruppur district, and lured him to invest his money.
A new digital account was also started so that cash transactions can be checked.
Believing this, Rajagopal investeted a total of Rs 27 lakh only to lose all his money.
In a similar fashion, many investors from many places including Chennai were duped and their money swindled by the bogus operator.