CHENNAI: Tamil Nadu Police's Economic Offences Wing have arrested two directors of a finance firm for cheating public to the tune of over Rs 45 crore after collecting funds from public.
The arrested persons were identified as Migan and Subramanian, Directors of Purasawalkam Santhatha Sanga Nidhi Limited Company, operating from Vellalar Street, Purasawalkam.
The firm had been collecting investments from the public but failed to return the funds upon maturity.
So far, complaints have been received from 564 individuals, alleging that investments to the tune of Rs. 45 crores were collected and not returned to them, police said.
After investigations a team led by Deputy Superintendent of Police Dilli Babu arrested the directors Mohan and Subramanian.
They were produced before a magistrate and remanded to judicial custody.