In Coimbatore, police have seized gold and diamond jewellery worth Rs. 3.20 crore from arrested individuals involved in a ₹300 crore fraud case centered around businessman Sivaraj.
Coimbatore: In a significant development in a ₹300 crore fraud case, Coimbatore Central Crime Branch police have confiscated gold and diamond jewellery valued at approximately Rs. 3.20 crore. The raids were conducted following the arrest of several individuals connected to businessman Sivaraj, who operates a windmill office in Peelamedu area.
Repotted to be involved in the creation of fake documents related to Sivaraj's properties worth around ₹200 crore and defrauding another ₹100 crore in cash, 13 employees were initially nabbed. Upon discovery of the fraud, Sivaraj reported the matter to the local central crime branch which resulted in the registration of the case and subsequent arrests.
The arrested were identified as Vasantha, Sivakumar, Sheela, Deeksha, and Sakthi Sundar, who were produced in court and remanded in custody. Following interrogation, police recovered around Rs. 12 crore in cash and critical documents worth ₹100 crore, leading to the freezing of several bank accounts.
Recently, authorities seized 480 sovereign (a Southern Indian weight unit equivalent to 3.75 grams per sovereign) of gold and diamond jewels from the culprits’ bank lockers. These valuables were handed over to the Coimbatore court on June 20. Subsequently, the gems were assessed and forwarded to the treasury, and documents involved in the land fraud were annulled by the court. The Coimbatore Central Crime Branch continues its thorough investigation into the complex case.