Coimbatore: City police arrested Paramasivam, a leading realtor and President of Tamilaga Viyabarigal Sangam based on the complaints lodged against him by scores of duped investors.
Coimbatore: City police arrested Paramasivam, a leading realtor and President of Tamilaga Viyabarigal Sangam based on the complaints lodged against him by scores of duped investors.
Paramasivam has been running a real estate company named Muthu Land Developers and Muthu Chit Fund Company, at 100 feet road, Gandhipuram.
In the meanwhile, the City Police received a complaint against Paramasivam stating that he had been tricking the customers who had paid monthly installments in his real estate company to buy lands. It is alleged that Paramasivam has been cheating the investors of both his realtor and chit fund company by delaying the registration process and settlement of returns to the investors.
The duped customers had lodged a complaint against Paramasivam on July 20 at the Economic Offences Wing (EOW) of the Coimbatore city police.
Based on the complaint, the EOW police were looking out for Paramasivam who had been absconding since then.
Meanwhile, Police arrested him from his hide out yesterday. He was produced to the Economic Offences Court and remanded in custody.
The police have released a press report directing the affected investors to approach the EOW Police and lodge a complaint along with the receipts.