Police have arrested a man for allegedly swindling up to 50 lakh rupees by running a financial institution.
Coimbatore: Fake finance companies continue to harass the poor and simple people by inciting their desire. Until now, the people of Coimbatore have been deceived by several schemes like Emu chicken, which have continued to put crores of rupees into the public domain by relying on attractive schemes to make money with high interest. People invested their retirement settlement amount and the money they had for their daughter's marriage, and few sold the sheep and cows and some invested the money they saved for their children's education.
Similarly, the police have arrested the owner of a financial institution in the Peelamedu area who had swindled up to Rs 50 lakh from various people. Police are looking for two more. Police have arrested a man who allegedly swindled up to Rs 50 crore by running a financial institution. Rituvarnan, 37, of Sivagami lay-out area, Peelamedu, Coimbatore, has been running a financial institution since last March. He declared that if one invests one lakh rupees, he will pay interest or double the income payment. Relying on this, many invested in his company. He also announced that if other investors are brought in, the corresponding commission amount will be paid. Kesavan, 23, of Duraisamy Lay-out, Avarampalayam, Coimbatore, had invested Rs 1.25 lakh last July. However, no interest was paid on the investment. Kesavan lodged a complaint with the Coimbatore Economic Crimes Division.
The police investigation revealed the company owner had swindled over Rs 50 crore. Following this, the police filed a case against the owners of the company, Rituvarnan, Srihari and Balamurugan. Rituvarnan was arrested. They are looking for the other two who have absconded.
Similarly, the police have arrested the owner of a financial institution in the Peelamedu area who had swindled up to Rs 50 lakh from various people. Police are looking for two more. Police have arrested a man who allegedly swindled up to Rs 50 crore by running a financial institution. Rituvarnan, 37, of Sivagami lay-out area, Peelamedu, Coimbatore, has been running a financial institution since last March. He declared that if one invests one lakh rupees, he will pay interest or double the income payment. Relying on this, many invested in his company. He also announced that if other investors are brought in, the corresponding commission amount will be paid. Kesavan, 23, of Duraisamy Lay-out, Avarampalayam, Coimbatore, had invested Rs 1.25 lakh last July. However, no interest was paid on the investment. Kesavan lodged a complaint with the Coimbatore Economic Crimes Division.
The police investigation revealed the company owner had swindled over Rs 50 crore. Following this, the police filed a case against the owners of the company, Rituvarnan, Srihari and Balamurugan. Rituvarnan was arrested. They are looking for the other two who have absconded.