Raids in Krishnagiri, Dharmapuri; two arrested- The New Indian Express |

By Express News Service

KRISHNAGIRI: The Economic Offences Wing on Sunday arrested two people and seized crucial documents, cash, jewellery, and vehicles in a digital coin scam case during searches at eight places in Krishnagiri and Dharmapuri districts. The searches were headed by six EOW inspectors from Krishnagiri, Dharmapuri, Salem and Namakkal.

According to the police, over 40 people from Krishnagiri, Pochampalli and other places had submitted a petition to the Krishnagiri collector last week, stating that they were cheated by a digital coin trading company based in Hosur. According to the scheme, if a person deposits Rs 7.70 lakh in the account, they would get Rs 93,000 per week and Rs 18.60 lakh in 20 weeks. But, most of them received the amount only for a few weeks and lost their money after that. Over 200 persons were cheated by six persons in this case.

M Sudhakar (30) of Vasantham village near Pochampalli lodged a complaint in Krishnagiri Economic Offences Wing that he had lost `7.70 lakh after investing it in the scheme, following which a case was registered against six people, R Arunkumar of Hosur, V Nandakumar of Kattiganapalli, R Shankar of Perugopanapalli, D Srinivasan of Chettipalli, Prakash of Perugopanapalli and Velan of Marandahalli under various sections of the IPC and Section 5, of the Tamil Nadu Protection of Interest of Depositors Act.

Two cars, land documents, a bank book showing a deposit of Rs 10 lakh, Rs 1.25 lakh in cash and six ATM cards were seized from Seenivasan, while 12.5 sovereigns of gold jewellery were recovered from Prakash, following which they were arrested.

High-return promise
Investors were promised a return of Rs 93,000 per week and Rs 18.6 lakh in 20 weeks on depositing Rs 7.7 lakh

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