CHENNAI: An inspector attached to Greater Chennai Police (GCP) who was booked by the Economic Offences Wing (EOW) in an alleged Rs 20 crore investment scam has been suspended.
The EOW had booked inspector Sheela Mary attached to the Royapuram AWPS (All Women Police Station) after allegations that she actively promoted fraudulent scheme floated by her relative and collected money from investors, including fellow police personnel and their families.
The scheme lured investors with the promise of gold coins at rates lower than market value, along with guaranteed monthly returns. A company was also set up to run the operation.
According to the EOW, Inspector Sheela Mary pushed the scheme within the Chennai City Police force and encouraged her colleagues to invest. Several police families, as well as officials, invested significant sums into the scheme.
Gold coins distributed initially at discounted prices helped build public trust among colleagues and others
According to the police, Prabhumani, Sheela Mary's relative, whom she often accompanied in her official vehicle, initially distributed gold coins at discounted prices. This tactic helped build public trust among colleagues and others and drew in more investors. However, after amassing large sums of money, the organisers failed to deliver the promised gold coins or pay the assured returns, alleged the police.
Prabhumani was arrested on Thursday and is being interrogated. Inspector Sheela Mary has also been questioned by the EOW.