Ramesh (30), the owner of the company, has surrendered before the Coimbatore TANBIT court amid complaints of embezzlement of Rs 1,300 crore in which more than 76,000 people had invested in four projects introduced by a company called UTS near Peelamedu in Coimbatore.
Coimbatore: Uts owner Ramesh, who was searhed in a Rs 1,300 crore fraud case, has surrendered before a court in Coimbatore.
Ramesh (30) hails from Sulur in Coimbatore district. In 2012, he started UTS in Peelamedu and established branches in various parts of Tamil Nadu including Chennai and Kerala.
More than 76,000 people have invested more than Rs 1,300 crore in four projects launched on behalf of the company. Ramesh is accused of defrauding investors by failing to return their funds.
In this case, the victims lodged a complaint with the Coimbatore City Economic Offences Wing police station. Ramesh, who has been missing since a special team led by DSP Muruganantham was probing the case, surrendered on June 6 before the Tanbit court in Coimbatore.
According to the police, Ramesh was arrested on the basis of a complaint lodged in Salem. The man who came on bail was signing at the Sultanpet police station. He went into hiding as complaints increased.
He surrendered before the Tanbit court after learning that the court had issued an arrest warrant. Since there are cases against him in Kerala too, the state police are planning to arrest him. The Coimbatore police are also planning to take him into custody.
Of the more than 76,000 investors, only 50 have filed complaints in Tamil Nadu and 44 in Kerala so far. This is what the police said.