CHENNAI: A jewellery store owner was arrested by Central Crime Branch sleuths for allegedly cheating people who invested in his gold chit fund scheme.

Mulligiri Anandakumar was arrested by the CCB wing of the Avadi commissionerate two weeks ago. He runs the Kanaga Mahalakshmi jewellery showroom in Valasaravakkam and stays in Porur.

The CCB police apprehended him from a hideout in Andhra Pradesh. Mulligiri is currently lodged in the Puzhal prison.

Meanwhile, at least 40 people have approached the police commissioner’s office with cheating complaints against Mulligiri.

As per the complainants, they approached him to retrieve the gold pledged from another pawnbroker by repaying their loan.

Mulligiri further pledged the jewellery in a private bank in KK Nagar for a higher value, while the additional amount collected from the bank was loaned to the complainants.

They were asked to pay the interest and principal amount every month at the jewellery showroom.

An investigation officer said, “According to the complainant’s version, the jeweller retrieved 4,400 grams of gold for them worth Rs 3.74 crore. While they paid the interest and principal for the loan, they alleged.