Two held for cheating people of crores

The accused identified as Ganesh Ram, managing director of now defunct I Max Capital Solutions, Ashok Nagar, and its general manager Theri Rajan were booked under Sections 406 and 420 of IPC and remanded in judicial custody on Thursday.

Police said that the duo launched the company in 2018 and invited people to invest in their scheme to get double up their money in 33 months. "People from across the country invested about Rs 50 crore. The firm invested the sum in gold trading and stock market and repaid their customers on weekly basis," said police.However, the regularisation of non-registered firms made them unable to invest in gold and stock market after which they duo defaulted on the the payment to customers.

 After complaints were lodged at K K Nagar police, the duo moved the court to form a committee six months ago for the disbursal to the customers. However, since the duo did not follow the court directions and failed to pay the salary of Rs 2 lakh to the committee, the court extended grace period to the accused to settle the payment for the committee and directed police to take action against them based on the complaints lodged by victims. K K Nagar police secured Ganesh Ran and Theri Rajan and remanded them in judicial custody. One of the victims, S Sridharan (60) of Tambaram Sanatorium, a retired police personnel, invested his retirement settlement of Rs 18 lakh. While he received Rs 21,000 and Rs 27,000 every week on his two different investments for 16 and 13 weeks respectively, after which the firm allegedly stopped depositing money at his account. While he received Rs 10 lakh from the accused, they cheated him of remaining sum.