Coimbatore: Police have arrested a gold and diamond jewelry dealer who swindled more than Rs 10 crore from around 1,000 people through an online trading company in Coimbatore.
Coimbatore: Police have arrested a gold and diamond jewelry dealer who swindled more than Rs 10 crore from around 1,000 people through an online trading company in Coimbatore.
Serin, 38, hails from Thrissur Tharamangalam in Kerala and was a gold and diamond jewelry trader in Mumbai. He also ran an online trading company called Win Wealth International at the Prozone Mall in Saravanampatti, Coimbatore. He advertised that if Rs. 20,000 is invested in the company, the invested would be paid Rs. 40,000 in 25 weeks at a rate of Rs. 1600 per week.
He also said that the money would be doubled according to the amount invested and that gold and diamond jewelry would be provided. More than a thousand people from Tamil Nadu and Kerala have invested in lakhs in this. Serin, who has been paying investors regularly for a few weeks, then started dragging the payments. Xavier, 50, from Gandhipuram area lodged a complaint against Serin with the Coimbatore Economic Offences Wing last December alleging a fraud of Rs 1.5 lakh.
Serin was absconding while a case was registered against him in 4 sections. Under the circumstances, he was nabbed by sleuths from the Economic Offences Wing in Walayar area on the Tamil Nadu-Kerala border. Investigations revealed that he had defrauded more than Rs. 10 crore from around thousand people. It was also revealed that the money was used to buy a house, a shopping mall and a car in Thrissur and live a life of luxury. Cases have also been registered against Serin's wife Ramya and the employees of his company, Sainesh, Roy and Biju Mon and investigations are on.