Mother, son held for duping investor

A special CCB team has arrested Shanthi and her son Suresh (31), both residents of Ekappan Street, Korukkupet following a complaint from investors who had invested money in the ‘Sri Muniswaran Deepavali Maligaisaman Fund’ run by the duo. 

According to CCB officials Shanthi and Suresh, who had been running similar chit funds, collected monthly instalments ranging from Rs 200 to Rs 1,000 from various investors offering double the amount at the end of one year and then cheated them by not returning the money. The special team had found that the duo had amassed over Rs 1 crore from residents of Korukkupet, Tambaram and Erukkanchery. 

Following investigations, CCB arrested the absconding duo on Tuesday and remanded them to judicial custody. Police said Shanthi and Suresh decided to start the chit fund business in order to make more money. 

They had run several such festival related chit funds and made money. 

Eyeing better profits, the duo launched one more chit fund and used the money they got for living a luxurious life and also to purchase property to construct a house.