Balachandran, the firm owner duped the investors by not paying them any principal or interest. Many complaints had already been lodged with the City police commissioner in this regard.
Coimbatore: A Coimbatore-based Multi-level marketing (MLM) firm owner was arrested by the police for allegedly duping investors. He attracted investors on the pretext of giving them more interest and profit.
He ran his firm S.K.M Traders at Renaissance Tower in Race Course in the city. He had been running the company since 2018.
More than 300 people from Coimbatore, Tiruppur and Erode districts have invested in his firm.
However, Balachandran duped the investors by not paying them any principal or interest. Complaints had already been lodged with the City police commissioner in this regard.
Ganesan (51), a resident of Nehru Nagar 4th West Street in Peelamedu, who was one of the victims of SKM Traders, lodged a complaint with the Kattoor police.
He alleged that he had invested Rs 3 lakh in the company and was cheated out of his money.
Based on this, the police registered a case against three persons, including Balachandran, and arrested him. The police are on the lookout for two more persons involved in the scam.
He ran his firm S.K.M Traders at Renaissance Tower in Race Course in the city. He had been running the company since 2018.
More than 300 people from Coimbatore, Tiruppur and Erode districts have invested in his firm.
However, Balachandran duped the investors by not paying them any principal or interest. Complaints had already been lodged with the City police commissioner in this regard.
Ganesan (51), a resident of Nehru Nagar 4th West Street in Peelamedu, who was one of the victims of SKM Traders, lodged a complaint with the Kattoor police.
He alleged that he had invested Rs 3 lakh in the company and was cheated out of his money.
Based on this, the police registered a case against three persons, including Balachandran, and arrested him. The police are on the lookout for two more persons involved in the scam.