Chennai: Woman inspector suspended in Rs 20 crore gold scam

CHENNAI: A woman police inspector attached to the Royapuram All Women Police Station has been placed under suspension in connection with an alleged Rs 20 crore gold coin investment scam, while the Economic Offences Wing (EOW) has intensified efforts to arrest her.

The inspector, Sheila Mary, is under investigation for an alleged fraudulent scheme that promised gold coins at prices below market rate. Police said her relative, Prabhu Mani, who allegedly operated the scheme, has already been arrested and remanded in custody.

According to investigators, more than 200 people, including police personnel, invested in the scheme after being assured of high returns and discounted gold coins. The total amount collected is estimated at around Rs 20 crore.

Sources said senior police officers, including inspectors and other officials, had also invested in the scheme. The alleged fraud came to light after the promised gold coins were no longer supplied and the organiser became untraceable.

Following complaints from investors, the EOW registered a case against Prabhu Mani and Sheila Mary. During the probe, the Chennai Police intelligence wing was directed to conduct a separate inquiry into the allegations against the inspector.

Based on the inquiry report, which reportedly found substance in the allegations, Chennai Police Commissioner Amalraj ordered departmental action. North Chennai Joint Commissioner of Police Manoharan subsequently issued suspension orders against Sheila Mary.

EOW officials said steps were being taken to arrest the suspended officer. Investigators are also examining properties allegedly acquired using funds collected through the scheme and have initiated action to freeze such assets.