CHENNAI: A father-son duo was arrested by the Central Crime Branch of the city police for allegedly cheating investors to the tune of Rs 4.8 crore by claiming to share returns from livestock farms set up by them.
The arrested persons were identified as S Sundarrajan (67) and his son, S Magesh Kumar (40) - residents of Kolathur.
Police said that they were running a milk vending business.
Police investigations revealed that the accused and their partners had lured several investors from across the city by stating that they have planned to procure high quality milk yielding cows from Gujarat and set up livestock farms in the city outskirts and promised higher returns on their investments.
"They had collected at least Rs 20 lakh from each investor and had collected money from 25 investors," a police officer said.
After collecting money to the tune of Rs 4.8 crore, the duo had fudged numbers in their books to show less sales, over which a complaint was filed.
After investigations, the EDF (Entrustment Document Fraud) wing of CCB arrested the father-son duo. They were produced before a magistrate and remanded in custody.
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