Investment fraud: EOW nabs panchayat ex-VP, two others in Chennai

Gowri Shankara (40) of Hanumanthapuram in Chengalpattu, the managing director of Redesh Franchise World Pvt Ltd, allegedly wooed people to invest in different business models such as elite tea shops and biriyani stalls, assuring a profit of up to 30 per cent in a short span of time. But the company ran into a financial crisis due to a feud between partners, due to which it could not pay the profits as promised. After clients started thronging the office in Nungambakkam, the police shut the office and asked the clients to lodge complaints with the EOW. Gowri Shankara was arrested on Monday along with two directors, Sugumar Surendar (31) and Lakshmi (42).

An official told DT Next that the fraud runs into crores of rupees, as Gowri Shankara allegedly received a minimum of Rs 6 lakh from each investor. So far, the EOW has received about 160 complaints.

Police said Gowri Shankara, who already faced similar charges, was recently removed from the vice-president post.