Victims of a financial fraud involving three crore rupees by Eagle Shakti Chit Funds in Tirupur, have staged a sit-in protest at the District Collector's office, demanding the arrest of the company's owner, Manimekalai, and recovery of their lost money.
Tirupur: In a significant development that has rattled the local community, victims of a financial fraud involving three crore rupees orchestrated by Eagle Shakti Chit Funds, a chit fund company operated by Karthi Pandiyarajan in the Karuvampalayam area within the Tirupur Municipality, have taken their grievances to the streets. The company, which has been active for over four years, came under scrutiny last Pongal when it failed to disburse the chit fund money to its investors, leading to widespread outrage among the affected parties.
The victims, numbering over 500 from surrounding areas including Parappalayam, Alangadu, Kozhi Pannai Kulathu Puthur, had invested amounts ranging from two to three lakh rupees in the chit funds expecting reliable returns. However, their trust was betrayed when the company's administrative director, Manimekalai, and manager, Karthi Sasikumar, allegedly absconded after shutting down the operation without fulfilling their financial obligations to the investors.
Last month, more than 300 aggrieved individuals lodged a complaint with the Tirupur City Police Commissioner, demanding the immediate arrest of the key persons involved in the scam, including Manimekalai. Despite the police arresting three individuals connected to the fraud, Manimekalai remains at large, prompting the victims to stage a sit-in protest at the entrance of the District Collector's office.
During the protest, the victims not only demanded the arrest of Manimekalai but also the restitution of their lost investments. They also submitted a petition directly to the District Collector, seeking intervention in the matter. Following the protest, discussions were held with the police department, leading to the dispersal of the crowd.
This incident highlights the ongoing challenges in regulating chit fund companies and protecting investors from fraudulent schemes. The community awaits swift action from the authorities to ensure justice for the victims and to prevent such scams in the future.
The victims, numbering over 500 from surrounding areas including Parappalayam, Alangadu, Kozhi Pannai Kulathu Puthur, had invested amounts ranging from two to three lakh rupees in the chit funds expecting reliable returns. However, their trust was betrayed when the company's administrative director, Manimekalai, and manager, Karthi Sasikumar, allegedly absconded after shutting down the operation without fulfilling their financial obligations to the investors.
Last month, more than 300 aggrieved individuals lodged a complaint with the Tirupur City Police Commissioner, demanding the immediate arrest of the key persons involved in the scam, including Manimekalai. Despite the police arresting three individuals connected to the fraud, Manimekalai remains at large, prompting the victims to stage a sit-in protest at the entrance of the District Collector's office.
During the protest, the victims not only demanded the arrest of Manimekalai but also the restitution of their lost investments. They also submitted a petition directly to the District Collector, seeking intervention in the matter. Following the protest, discussions were held with the police department, leading to the dispersal of the crowd.
This incident highlights the ongoing challenges in regulating chit fund companies and protecting investors from fraudulent schemes. The community awaits swift action from the authorities to ensure justice for the victims and to prevent such scams in the future.