3 sr executives arrested for Rs 160 cr fraud

The accused had allegedly promised depositors that the company would return 10 per cent of their investment every month and cheated them.

DT NEXT Bureau

Updated:21st Mar, 2023 at 4:27 AM

CHENNAI: The chairman and managing director and two directors of Amaro Kings Ltd were arrested by the Economic Offence Wing in connection with a complaint that they cheated more than 3,000 investors after collecting Rs 161 crore as investment on the promise of high returns.

The police identified the arrested persons as B Rajarajan, chairman and managing director, Amaro Kings Ltd, his wife Muthulakshmi Rajarajan and brother B Ranjith Kumar. The latter are directors in the company. The arrested persons were remanded in judicial custody and lodged in Puzhal prison on Sunday.

The accused had allegedly promised depositors that the company would return 10 per cent of their investment every month and cheated them.

The police had raided five locations in Chennai and Kancheepuram and seized cash, gold, silver items, one car, mobile phones and computers from the premises. Officials said that steps were being taken to freeze the bank accounts of the suspects and also to collect details of the properties owned by them.

3 sr executives arrested for Rs 160 cr fraud

The accused had allegedly promised depositors that the company would return 10 per cent of their investment every month and cheated them.

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