Coimbatore : People falling prey to investment schemes which promises to double or triple their returns seems to have no end. The promise of returns higher than other conventional ways is a major attraction for people who's greed for money lands them often in trouble.
Coimbatore : People falling prey to investment schemes which promises to double or triple their returns seems to have no end. The promise of returns higher than other conventional ways is a major attraction for people who's greed for money lands them often in trouble.
In one such investment fraud in the city, the angered investors caught the man who lured them into striking returns and handed him over to the police.
Senthil Kumar (46) hails from P.K. Nagar in Kuniamuthur. He allegedly had lured several people in his locale and other areas by promising them of high returns for the investments made in his company 'European bonds'.
He convinced the investors by claiming to invest their money in European countries which would yield stellar returns. More than his business model, the investors were lured by the free trips and the luxury stay in Mumbai and New Delhi.
It is alleged that Senthil Kumar managed to collect several crores of money from hundreds of people who deposited lakhs of money expecting high returns. Recently, when the investors were eagerly waiting for their returns, Senthil Kumar has allegedly delayed the payment citing various issues.
As days passed, the investors got dubious on him and forced him to settle the pending returns. Following immense pressure from the investors, Senthil Kumar allegedly escaped with the money.
Shocked by the incident, the irked investors raised a complaint at Kuniamuthur Police Station here. While the police is yet to arrest Senthil Kumar, a few of the investors who got a tip-off on Senthil's whereabouts rushed to his home today and caught him red-handed.
He was brought to the Kuniamuthur police who handed him over to the crime branch for further investigation.
In one such investment fraud in the city, the angered investors caught the man who lured them into striking returns and handed him over to the police.
Senthil Kumar (46) hails from P.K. Nagar in Kuniamuthur. He allegedly had lured several people in his locale and other areas by promising them of high returns for the investments made in his company 'European bonds'.
He convinced the investors by claiming to invest their money in European countries which would yield stellar returns. More than his business model, the investors were lured by the free trips and the luxury stay in Mumbai and New Delhi.
It is alleged that Senthil Kumar managed to collect several crores of money from hundreds of people who deposited lakhs of money expecting high returns. Recently, when the investors were eagerly waiting for their returns, Senthil Kumar has allegedly delayed the payment citing various issues.
As days passed, the investors got dubious on him and forced him to settle the pending returns. Following immense pressure from the investors, Senthil Kumar allegedly escaped with the money.
Shocked by the incident, the irked investors raised a complaint at Kuniamuthur Police Station here. While the police is yet to arrest Senthil Kumar, a few of the investors who got a tip-off on Senthil's whereabouts rushed to his home today and caught him red-handed.
He was brought to the Kuniamuthur police who handed him over to the crime branch for further investigation.