The Pollachi Police today arrested the a couple at Pollachi for deceiving people in the name of chit and finance and eloped off with 15 crores.
Chittoor Gurusamy (a) Rajendran (54) and his wife Padamadevi were operating a chit and finance company in the name of 'Balaji Chit funds' and ' Srivari Finance' at C.Kottampatti, Pollachi. More than 70 investors from nearby areas invested in his finance and chit companies. The Couple lured the investors with hefty interest rates.
All was fine during the initial stages, in recent times the people who had invested in the Chit schemes were disappointed due to the in orderly settlements. Even after repeated requests, the couple did not repay the promised returns. Infuriated by their response, the affected people started thronging their residence for return of their funds.
The couple absconded from the village with nearly 15 crores of investor's money. The investors were shocked by the act and lodged a complaint against the couple at the Pollachi police station. The police, under DSP Mehru's guidance investigated the couple's son, Arvind Babu, who works as a software engineer in Chennai.
Upon inquiry, the police traced the location of the couple and arrested them, today. Arvind Babu, Rajendran and Padmadevi were remanded and taken upon judicial custody.
Chittoor Gurusamy (a) Rajendran (54) and his wife Padamadevi were operating a chit and finance company in the name of 'Balaji Chit funds' and ' Srivari Finance' at C.Kottampatti, Pollachi. More than 70 investors from nearby areas invested in his finance and chit companies. The Couple lured the investors with hefty interest rates.
All was fine during the initial stages, in recent times the people who had invested in the Chit schemes were disappointed due to the in orderly settlements. Even after repeated requests, the couple did not repay the promised returns. Infuriated by their response, the affected people started thronging their residence for return of their funds.
The couple absconded from the village with nearly 15 crores of investor's money. The investors were shocked by the act and lodged a complaint against the couple at the Pollachi police station. The police, under DSP Mehru's guidance investigated the couple's son, Arvind Babu, who works as a software engineer in Chennai.
Upon inquiry, the police traced the location of the couple and arrested them, today. Arvind Babu, Rajendran and Padmadevi were remanded and taken upon judicial custody.