In Coimbatore, a businessman named Sivraj was defrauded of approximately Rs. 300 crore. Police have recovered Rs. 12 crore in cash, 140 sovereigns of jewels, and essential documents worth Rs. 100 crore.
Coimbatore: A massive fraud involving Rs. 300 crore has been uncovered, affecting a local businessman, GC Sivaraj belonging to one of the top business groups in Coimbatore. Operating an electrical turbine office in Peelamedu, GC Sivaraj found himself the victim of significant deceit perpetrated by his own employees, who forged critical documents and siphoned off funds amounting to around Rs. 200 crore and ₹100 crore worth of other assets.
Upon discovering the fraudulent activities, Sivaraj filed a complaint with the Coimbatore City Central Crime Branch, resulting in the registration of a case. Five individuals, namely Vasanth, Sivakumar, Sheela, Deeksha, and Shakthi Sundar, were arrested and remanded to judicial custody.
In ongoing investigations, the Coimbatore City Police Crime Branch managed to recover about Rs. 12 crore in cash, 140 sovereigns of jewelry, and vital documents estimated to be worth Rs. 100 crore today (May 8th). Following the recovery, the police froze bank accounts associated with the suspects and presented the recovered assets and documents to the court, leading to further remand of the accused in jail, continuing the legal proceedings against them.