Coimbatore : Police have arrested a man in connection with a chit fund fraud case.
Coimbatore : Police have arrested a man in connection with a chit fund fraud case.
According to Police reports, Swaminadhan (39) of Tiruchengode owns a chit fund company ‘Birano Chits & Real estate’ at Saravanampatti here.
A person named Palanisamy from Annur deposited Rs. 29 lakhs in various installments between 2014 and 2016 in the chit fund company.
Meanwhile, Palanisamy approached Swaminadhan to return his investment along with the interest. It is alleged that Swaminadhan refused to return the amount and even issued death threats.
Following this, Palanisamy filed a complaint against the chit company owner to the City Police Commissioner. After investigation, Police registered a case against Swaminadhan, under four different sections and arrested him.
He was lodged in Coimbatore Central Prison.
It is reported that Swaminadhan is a member of Naam Tamilar Katchi and has involved in various such frauds in many districts.