Finance firm directors held for cheating depositors
The Economic Offences Wing of Tamil Nadu has arrested two directors of a non-banking finance firm, Purasawalkam Santhatha Sanga Nidhi Limited, for allegedly cheating depositors to the tune of several crores.
According to the police, the company, operating from Vellalar Street, Purasawalkam, was collecting investments from the public promising good returns, but failed to return the funds upon maturity. Complaints were received by the Economic Offences Wing from several depositors.
A case was registered against the company and its directors, Mohan, Subramanian, and Venkataraman.
So far, complaints have been received from 564 individuals, alleging that investments to the tune of ₹45 crore were collected and not returned to them.
After investigation, a team led by Deputy Superintendent of Police Dilli Babu, arrested Mohan and Subramanian and remanded them to judicial custody.
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